Point of Sale Software

Here are some Articles from the Blog Subject - Inventory management -

Taming the Dead Stock Beast

POS SOFTWARE

We have all experienced inventory nightmares. The most persistent one is dead stock. It sits there, and you see it everywhere in the shop. It is a silent killer of profits, a space hogger in your shop, and a constant reminder of a wrong purchasing decision. Here are some battle-tested strategies used. Often, they are painful, but they do work.

What is Dead Stock

Dead stock is stuff that's not selling. It's inventory that is now growing roots in your shop. I recently saw a shop with items on the shelf that were a few years old. They did not even look sellable.

What is the dead stock analysis?

Deadstock analysis involves:

-Identifying non-selling inventory

-Calculating the cost of holding this inventory

-Determining reasons for lack of sales

-Assessing the impact on profitability and cash flow

-Developing strategies to prevent and manage dead stock

The Hidden Costs

Hidden cost of dead stock

Tied-up capital

That money could be working for you instead of gathering dust.

Rent costs

You are paying for every square metre of your shop; here, you are paying for space for nothing as the stock there is not selling.

Opportunity cost

You could be stocking items there that sell instead.

Other costs

You are paying for shoplifting, insurance, staff cleaning, etc. All for stock that does not sell.

How do you determine dead stock?

Here's how you spot dead stock: Set up specific criteria. Different retailers use different rules.

Time

Items that haven't sold in 6-12 months (varies by shop and industry)

Excess inventory beyond reasonable selling expectations

Products with little to no customer interest. Your staff will know this.

Outdated or obsolete products

Also, check for obsolescence; the sale cycle is only a month in fast-moving stock lines on movie toys.

Quantity

Selling less than 60% of purchased inventory

Damaged or unsellable condition

Look at your shelves for outdated, damaged, or low-quality items. Listen to your staff as they often know these items.

What is a dead stock register?

A dead stock register is a record-keeping system that tracks an organisation's movable property or assets that are no longer in use or have no sales potential. It includes product name, buy date, quantity, and current condition. Your POS system should have one, and its weight should be gold for tracking dead stock. If you have our POS System, follow the instructions here. It will take seconds to give you the result. I have seen results of over $50,000 of dead stock coming out. 

Regular stock reviews.

I make it a habit to review my inventory quarterly.

Strategies for clearing Dead Stock

Alright, you've identified the dead weight. Now what? Here are some tactics I've used successfully:

Discount, But Do It Smart

Slashing prices is the go-to move, but be strategic. I want it out.

How do you clear stock quickly?

Nothing beats flash sales to clear stock quickly. In my experience, end-of-financial-year and stocktaking sales work very well.

Bundle It Up

This is my go-to method. I find that pairing my dead stock with an item that sells and then using the item that sells as a push for a dead stock item works well. I offered my clients some monitors with a screen filter. From my client's point of view, they were getting a monitor and screen filter together at a beautiful price; from my point of view, I was moving monitors with something that had no value to me. It was a win-win situation.

Try a new sales channel

If it's not selling in your shop, try online marketplaces. I've had success moving dead stock on eBay. You could also try Facebook Marketplace.

Use it yourself

Sometimes, you can use the products yourself. You do not need them, but consider them something you got for nothing.

Sometimes, it is best to cut your losses. I donated to a charity, which bought a pile of old computer parts for free. We got a tax deduction, and we felt good about doing something for the community.

Preventing Future Dead Stock

The best way to deal with dead stock is to prevent it. Here's how:

Improve your forecasting

Use your POS data to predict trends and seasonal fluctuations

Implement just-in-time inventory

To reduce risk, you want to keep your stock levels lean, so buy in small quantities and regularly rather than in large orders. Your automatic ordering in our POS System can handle small orders over a short period.

Can you get a sale or return

It is often worth giving up some margin if you can get this, If, say, you were to buy ten items and be stuck with an item in dead stock at a 50% margin, your actual margin is now 44% If, say, you were to buy ten items and be stuck with two items dead at a 50% margin, your actual margin is now 37.5% If, say, you were to buy ten items and be stuck with three items dead at a 50% margin, your actual margin is now 28%

The Role of Technology

A robust POS system with inventory management features can help. Here's why:

Real-time tracking

Know what's in stock and what's selling at any given moment.

Automated reordering

Set up alerts for low stock to prevent stockouts of popular items

Sales reporting

Identify trends and slow movers before they become dead stock

How do you write off dead stock?

If you do not get rid of it but want to write it off, you need to ensure proper documentation to your accountant for tax purposes

-Identify the items you will write off

-Determine the book value of the dead stock. Your POS System should have that.

-Note a journal entry to the accountant to remove the value from inventory assets. 

-Do not adjust the cost price in your POS data unless you intend never ever to order that item again. 

Conclusion

Deadstock is a retail reality but doesn't have to be a business killer.

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How to black mark a stock item?

POS SOFTWARE

One particularly frustrating issue that often crops up when dealing with stock items is that some items that you do not want keep coming back. These products linger on your shelves, occupying valuable space and tying up your capital. Here is a nifty trick in our software worth looking into: how to blackmark a stock item.

What is Black Marking?

Before diving into the mechanics, let's clarify what "black marking" means. Black marking flags a stock line in your point-of-sale (POS) system as a product you no longer want to receive. It's like putting that item on your "do not order" list.

Why Would You Want to Black Mark an Item?

There are several reasons why you might want to blackmark a stock item:

  1. Poor sales performance: The item needs to move off the shelves.
  2. Quality issues: You've received so many complaints about the product that you feel bad about stocking it. For example, I now refuse to sell a range of printers. They have great reviews, but they are terrible.
  3. Supplier problems: Supplier problems are always a problem; there are just some people you want to avoid dealing with.
  4. Seasonal items: You want to prevent reordering Christmas decorations in July!

    reasons why you I blackmark a product

How to Black Mark a Stock Item

Here's how you can blackmark an item in your POS system:

Method 1: During Stock Receiving

  1. Open your stock receiving screen.
  2. Press the edit button.
  3. Look for the column indicated by the red arrow (in your POS system, this will be labelled "Do Not Receive" or something similar).
  4. Mark the checkbox for the item you want to black mark.

    How to censure  a stock line

Method 2: In Stock Maintenance

Alternatively, you can black-mark an item directly in your stock maintenance screen:

  1. Navigate to your stock maintenance section.
  2. Find the item you want to black mark.
  3. Look for a "Do Not Receive" or similar option.
  4. Toggle this option on for the item.

What Happens After You Black Mark an Item?

Once you've black-marked an item, a couple of things will happen:

  1. No Automatic Ordering: The system will no longer automatically order this product, even if it falls below your usual reorder threshold.

  2. Instant Return File: If the item somehow ends up in your receiving list (maybe a colleague ordered it manually), it will be moved to a separate list—often called the "Instant Return File." You can then deal with it promptly, perhaps by returning it to the supplier or finding an alternative solution.

My Personal Experience

I first learned about black marking in my grandfather's shop. Grandfather was so happy when he finally sold a stock line. Mum was doing an order, seeing we were out of it, and ordered some more. Soon, every time Grandfather turned around, he said that these products were mocking him from the shelves.

Best Practices for Black Marking

While black marking can be a powerful tool, it's essential to use it wisely. Here are some tips:

  • Regular Review: Periodically review your inventory list. The problem with computers is once you do something, it is there forever. Yet market trends change, and a product that did not sell last year might be the next big thing this year.

Communication: Ensure your team understands what black marking means and how to do it.

  • Data-Driven Decisions: Don't black mark items on a whim. Use your sales data to decide which products to blackmark.

Conclusion

Black marking for stock items is a simple yet powerful method to enhance inventory management. It prevents the gathering of unsold stock, liberates capital, and enables you to prioritise products that foster business growth. Remember, staying ahead in inventory management is crucial, and black marking gives you that edge. I encourage you to experiment with it as you will find it as helpful as I have over the years.

Happy retailing!

FAQ: Black Marking Stock Items in Retail

Q: What is black marking?

A: Black marking is a process in your point-of-sale (POS) system where you flag a stock item as one you no longer want to receive or reorder. It creates a "do not order" list for specific products.

Q: Why would I want to blackmark an item?

A: You might want to blackmark an item for several reasons:

  • Poor sales performance
  • Quality issues with the product
  • Problems with the supplier
  • Seasonal items you don't want to reorder out of season

Q: How do I blackmark an item in my POS system?

A: There are typically two methods:

  1. During stock receiving:

    • Open the stock receiving screen
    • Press edit
    • Find the "Do Not Receive" column
    • Mark the checkbox for the item
  2. In-stock maintenance:

    • Navigate to stock maintenance
    • Find the item
    • Look for a "Do Not Receive" option
    • Toggle it on

Q: What happens after I blackmark an item?

A: Two main things occur:

  1. The system won't automatically reorder the item
  2. If the item appears in your receiving list, it'll be moved to an "Instant Return File" for you to deal with promptly

Q: Can I undo a black mark?

A: Yes, you can typically undo a black mark by following the same process you used to mark it and unchecking the "Do Not Receive" option.

Q: Should I review my black-marked items?

A: It's a good practice to review your black-marked items periodically. Market trends change, and a previously unpopular item might become in demand.

Q: Will black-marking an item remove it from my inventory?

A: Black marking doesn't remove the item from your inventory. It only prevents future orders of that item.

Q: Can my staff black-mark items?

A: This depends on your POS system's settings and business policies. It's essential to communicate with your team about the black marking process and who has the authority to do it.

Q: Is black marking the same as discontinuing an item?

A: Not necessarily. Black marking prevents reordering, but the item may remain in your inventory. Discontinuing usually involves removing the item from your product list entirely.

Q: How often should I use the black marking feature?

A: Use it as needed, but always base your decision on data and careful consideration. It's a tool to help manage inventory, not a solution for every slow-moving item.

 

Save time and money with Supplier Integrations

POS SOFTWARE

Henderson Greeting

As a seasoned retailer, you know how putting the stock details into your POS System can be a big job. That is why file imports are a game-changer for your Point of Sale (POS) system. They are not just time-savers but also accuracy boosters.

Latest Supplier catalog integration

For those of you working with Henderson Greeting and Waterlyn, their electronic catalogue lists are now available for you to import into your POS system. This integration means you can keep your inventory up-to-date with minimal effort and ensure you have their latest products on file.

What We Did in Troubleshooting

If you take the file from us, you know that it has been

A. Checking for Hidden Characters

Some suppliers use special characters, which can wreak havoc during imports. We check for these sneaky troublemakers before giving you the import file.

B. Pricing disasters

Pricing disasters are no joke. I have seen a few pretty bad ones; recently, a pack of 10 cards, each at $1.50, was listed as $22.50.

Decimal places management

We have also implemented a double-check system to ensure our POS and import files agree on decimal places. In Australia, we use commas for thousands of separators and dots for decimal places (e.g., $8,123.03). However, most European countries do the reverse, using dots for thousands and commas for decimals, so in our example, it becomes $8.123,03. This difference can lead to significant pricing errors if not properly managed.

C. Barcode duplication 

It's 2024, and suppliers keep putting the same barcode on different items. This causes major problems, particularly if the items are priced differently. 

POS system import

It is essential to improve to succeed in retail constantly. By improving your methods of bringing in products, you save time and set up your business to continue doing well.  

We can help each other. I'm ready to listen if you want to discuss this or share when things went well or poorly.

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More on Economic Ordering Quantity (EOQ)

POS SOFTWARE

Economic Ordering Quantity (EOQ)
Since my last post on Economic Ordering Quantity (EOQ) here, I've got a few questions. Many wanted more details on how to do the calculations for their shop. Since there is interest, I made a comprehensive reply here to explain it fully; that way, I can answer in mass.

Please remember that this requires information from your POS System, some technical skills and access to either Excel or OpenOffice (which are free, by the way).

Why EOQ Matters

Before we dive into the nitty-gritty, let's discuss why EOQ is special. It's a scientific way to manage your business to help you achieve maximum profitability by looking at the real world, where the stock cost goes beyond just the price of an item by the supplier. It addresses how often you should order stock from a supplier (Stock optimisation).

Now, if you buy too much, and it sits on your shelves:

- It then takes up valuable space

- Suffers from shoplifters

- Tying up your overdraft.

etc

Conversely, on the flip side:

- Not buying enough can cost you sales.

EOQ is designed to find the sweet spot between these two problems.

The EOQ Formula

Here's the formula used that mathematicians looking at the problem found:

Number of times to order = SQR(2 x D x k / h)

Where:

  • D is the ordering quantity of the item
  • k is the cost of ordering
  • h is the holding costs

I know our system isn't designed to handle this calculation directly, and the reasons will become clear why not here, but we've got a nifty ad-hoc reporting system that can do it, and it's a great way if you work through this of the power of our Ad-hoc reporting. Trust me, it's worth learning how to use it the Ad-hoc reporting. I think you'll be amazed at the power you have in your Point of Sale Software now.

How to get your EOQ

I never said it would be easy, only that it's a worthwhile exercise.

Go to register reports and select the top stock report, which is marked with the red arrow here.

Now, select your criteria; I used the stationery department because it's a simple department that most people could relate to. Furthermore, the note marked in red indicates that I put 99 million in for the number of items needed to get everything. I also picked a whole year, as small periods can have fluctuations that can muck up the long-term trends.

Now I have this report.

I imported the data into Excel, as shown here with the red arrow.

This then produced for me an Excel spreadsheet of my report.

That is the standard report, but now, I can change it to almost anything I want—ad hoc. This is the report I changed it to. Click on it for more details, and I will now explain how I did it.

Stock adhoc report

In my Excel spreadsheet, you will see that I have put all my variables on the right, so I can play with them later.

The first variable I need is D, which is the ordering quantity of the item. I have that here as units, so that problem is solved. All I need to do is divide it by 52 weeks a year, so column M2 =G2/52, and I copy it down.

I have to determine the cost of ordering. It takes the department about two hours for someone to process an order and another hour to process the order when the goods come. Say three hours plus some extras, say about $150. Since I have 247 items in this department, that works out, too.

k = $150/247 = 0.60728745

Now, we need the holding cost (h), which is the holding cost.

I explained how I get my stock-turns here, and it's 10 for this stationery department.

I would say for a year, we are looking at the interest of money plus shoplifting of about 1.5%, so say about 14%, so per week, that works out to 14%/52 weeks a year, about .2%, plus there is a rental on the building. This is something you need to determine. I suggested before that you go to your last year's profit and loss to resolve this. What is the cost of the space that you require to sell an item? When they do this, many report to me how stunned they were just how high that figure is. In this case, as I do not know it, I am setting it to zero.

Now, I need the stock on hand. I could use the figure that is there, but it suffers from the short-term fluctuations I mentioned above, so I prefer to use the yearly figure. I need to subtract the profit from the sales and divide it by the stock turns.

So, I make a formula (Sale$-Profit$)/stock turn in this Excel sheet, which is =(J2-H2)/$R$1, my SOH figure.

My h is now (SOH) x h + Fixed h, and you can see the column there marked N.

Now, my EOQ is easy to determine as it =SQRT(2*M2*$S$2/N2) and copy that down.

Since I am working in weeks, I did that 52 weeks and divided it by my EOQ.

The formula suggests that I should look at it every two or three months, which makes sense as stationery is a small department in this store with sales of about $3000 annually. However, there are certainly more important departments that the shop should investigate.

Now, I would change the figure, increase or decrease the stock turns, the holding costs, etc., to see what happens.

Common Mistakes When Implementing EOQ

Although EOQ is a valuable tool, there are some problems people commonly come up with when trying to use it:

  1. Ignoring variability: It assumes constant demand, which often needs to be corrected, e.g. Xmas stock or Mother's Day stock.
  2. Overlooking many costs: You need to include all the ordering and holding costs, including some less obvious ones like breakage and obsolescence. 
  3. Not updating regularly: As market conditions and costs change, you must periodically review your EOQ calculations; I suggest yearly.
  4. Perishable goods: It assumes that all items do not perish or have a marketing cycle, e.g. A magazine is monthly, and milk cannot be kept.
  5. Forgetting about lead times: It does not account for supplier lead times, particularly for items ordered from the net.
  6. Neglecting order quantity: It assumes you can order as little as you require; some suppliers have minimum orders.
  7. People's natural rhythm: People can be instructed to do the task once a week, every two weeks, or monthly, but it's a bit hard to tell then every 12 days. We do live in a real world.
  8. Often shops tend to have to do it by supplier not department: When you start to break down the figures to smaller sections of the shop you get results all over the place.I got this when I looked by suppliers, where you can see the problem.

    EOQ does by suppliers

    I suggest that you keep it simple and do it by department.

Wrapping Up

Remember, good inventory management isn't just about crunching numbers. It's about ensuring profitability is not sacrificed due to poor procedures. This is just one piece of the puzzle.

If there's enough interest, I will do a webinar on this topic and incorporate it into our software. So, let us know what you think!

Did you try to calculate EOQ for your shop? Please tell me what you found. I'm interested in hearing about your experience. Your practical experience is valuable to us, whether you have any questions or just want to share your thoughts.

Frequently Asked Questions (FAQ)

Here is an FAQ to answer some of your questions on the topic

Q1: What is Economic Ordering Quantity (EOQ)? 

A: EOQ is a scientific method used to determine the optimal quantity of inventory to order for the most profit.

Q2: Why is EOQ important for my business? 

A: EOQ helps maximize profitability by finding the sweet spot between overstocking (which ties up capital and space) and understocking (which can lead to lost sales).

Q3: Where can I learn more about implementing EOQ in my business? 

A: Links above were supplied, the Wikipedia has a decent article too here.

Q4: Do I need special software to calculate EOQ? 

A: No. While specialized software can help, you can calculate EOQ using Excel or OpenOffice spreadsheets using your POS System.

Q5: How often should I recalculate my EOQ? 

A: As market conditions and costs change, you should review and update your EOQ calculations. I think yearly should be enough. 

Q6: Can EOQ be used for all types of inventory? 

A: I think even if it is not applicable, the figures it produces, even if you have perishable goods or items with very short marketing cycles, are interesting.

Q7: How does EOQ relate to my Point of Sale (POS) system? 

A: Many modern POS systems are required to provide the information needed for EOQ calculations.

Q8: Is EOQ the only inventory management method I should use? 

A: No, EOQ is one tool among many.

Q9: Is this EOQ the only inventory formula for this use? 

 No, the EOQ formula has many variations, some of which might suit you better. Please let me know if you find one that you think is better.

Using science for Smarter Retail Inventory management

POS SOFTWARE

Economic Order Quantity

Economic Order Quantity(EOQ): A Deep Dive into the Science of Inventory Management

Over many years, I've seen firsthand how crucial effective inventory management can be. One tool that started the science of modern inventory management is the Economic Order Quantity (EOQ) formula. Since I received an enquiry about it last week, I thought I would explore the concept and show how it can benefit retailers.

The Origins of EOQ

A bit of history: in 1913, a mathematician named Ford W. Harris was pondering a theoretical shop stock control. He wasn't thinking about colourful products or bustling aisles. Instead, Harris was fixated on a more fundamental question: How often should a shop order its stock to keep costs down and do inventory optimization?

He derived his formula called EOQ, and modern inventory management was born.

Breaking Down the EOQ Formula

The formula he derived is this:

EOQ = Sqr(2 x D x K / h)

Where:

  • D = is how much you sell in a period.
  • K = Cost per order
  • h = Holding cost per unit (how much it costs you to have the stock sit in your shop for a period)

Generally, it's over a year, so let's break this down with a real-world example and see what it can tell us.

A Real-World Example: The Stationery Shop

So I took a stationery shop that uses our POS System. Here's how we would use the EOQ formula to find how many times we should order to give us the best profit.

Annual Demand (D)

It sold 60,575 items last year in the shop. That's a lot of pens and paper!

Cost per Order (K)

I asked the woman who was in charge of the stationery order, and she told me that each order there was about

  • 3 hours to place an order @ $25/hour
  • 4 hours to pick up the order @ $25/hour
  • $10 for petrol
  • $20 for delivery fees

Total: $205 per order

Annual Holding Cost per Unit (h)

This is where things got eye-opening. We included:

  • Bank fees and overdraft: 2.5%
  • Shrinkage (a polite way of saying 'theft'): 1.5%
  • Portion of rent: $15,000 a year
  • Other costs from profit and loss: $10,000

When we crunched the numbers, it came to $1.08 per item per year. That's a lot if you think about it.

Let us do the calculation.

Now we have the figures, let us calculate the following:

EOQ = √[(2 x 60,575 x 205) / 1.08]

Let's break down the calculation step by step:

  1. First, multiply 2 x 60,575 x 205 = 24,835,750
  2. Then, divide this by 1.08: 24,835,750 / 1.08 = 23,014,583.33
  3. Finally, take the square root: √23,014,583.33 = 4,797.35

Rounding to the nearest whole number, we get 4,797. That is a lot of ordering. 

Interpreting the Results

When we plugged all this into our EOQ formula, it suggested ordering 4,779 times a year. That's many times every day!

I don't know about you, but I've never met a retailer who wants to place orders daily. It's just not practical.

Practical Tips from EOQ

While the EOQ formula does not here give you a perfect ordering schedule, it does highlight some crucial points:

  1. Holding stock is expensive: $1.08 per item per year adds up quickly. Our total inventory of 60,575 items is $65,421 annually, just in holding costs!

  2. Frequent, smaller orders can be cost-effective. This approach aligns with many successful retailers' formula of order to do its' "little and often" philosophy. 

  3. One size doesn't fit all: What works for our stationery shop might not work for a pet shop or a newsagency. 

How do you derive your figures using POS Solutions?

Calculating a simple EOQ requires three variables, which I will discuss point by point, quoting two departments as an example for you to work with as an example of stationery that I used above.

The demand quantity (D)

This is the quantity of goods moved.

There are two ways of doing this: the top sales report will give you this figure.

Cost of ordering (K)

I just asked about the procedure used in the shop and then costed it.

Holding costs (h)

Your profit and loss will help you here. If you are doing it by department, take a reasonable percentage of the total costs. 

I got the average stock holding to calculate my holding costs. So I went to the stock turn report in the stock reports. 

The Bottom Line

Executive summary

Here are some practical tips:

  1. Calculate your holding costs: You might be surprised at what you find. Include all inventory costs, such as warehouse space, insurance, and potential depreciation. Your profit and loss will tell you most of this.

  2. Review your ordering process: Write a typical order scenario in your shop. While doing so, I suggest you streamline this process to reduce costs. Maybe bulk ordering certain items could lead to discounts that offset increased holding costs. 

  3. Consider a mix of strategies: Perhaps you should place frequent orders for fast-moving items and less frequent orders for others. Use EOQ as a starting point, but adjust based on your business's unique needs.

  4. Use technology to your advantage: Our POS system can help you track inventory and make smarter ordering decisions frequently and accurately.

EOQ does not offer a flawless ordering plan. It indeed confirms certain crucial aspects of inventory management. 

Over the years in retail, I've seen that the most prosperous retailers use data and their gut feelings. So, while you should crunch the numbers, don't discount the value of your gut feelings.

Frequently Asked Questions (FAQ)

What is Economic Order Quantity (EOQ)?

Economic Order Quantity is an analytics formula for determining the optimal number of times to order stock to maximize profit.

How is EOQ calculated?

The EOQ formula is: EOQ = √[(2 x D x S) / H], where D is annual demand, S is setup cost per order, and H is holding cost per unit per year.

What are the benefits of using EOQ?

EOQ is a theoretical construction that helps balance ordering and holding costs, minimise total inventory costs, and optimize stock levels.

Can EOQ be used with seasonal products?

Probably not. EOQ becomes less effective if, over some time, you have fluctuating demand.

What's the difference between EOQ and reorder point?

EOQ determines the best number of times to order, while the reorder point is an inventory management system that concerns inventory levels. The EOQ may help you to derive this reorder point.

How can I implement EOQ in my business?

Your profit and loss statement and your POS System will give you the information you need to calculate your shop's EOQ. If you do so, please let me know what you get.
 

 

 

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Try Selling fewer products

POS SOFTWARE

I've seen firsthand how the right strategies can transform a retail business. Today, we're diving into selling fewer products, which can, although it sounds counterintuitive, sell more. Using your POS System, Product assortment optimisation can revolutionise your store. Currently, each product you have needs to be displayed, and if you have two or three similar products for the same potential market, you need more display room and more tied-up capital in stock. 

The Challenge of Customer Choice Overload

Imagine walking into a shop brimming with products. Sounds great, right? Not always. This abundance often leads to what experts call customer choice overload. Too many options paralyse decision-making, potentially driving customers away empty-handed.

The Hidden Costs of Excess Inventory

Beyond customer confusion, an expansive product range can create significant challenges:

  1. Display space limitations
  2. Tied-up capital in stock
  3. Complex retail inventory management

Streamline Your Product Offerings

Leveraging Your POS Software for Smart Decisions

Your Point of Sale (POS) system is more than just a cash register - it's a powerful tool for product assortment optimization. Here's how to use it effectively:

It’s easier than you think

Go to Register reports.

 

Stock menu

Now select "Top N Stock Sales for a Given Period"

Top N Stock Sales for a Given Period

Now, the following comes up.

I will select a day, for example, but you usually would put in a year now select a department.

 

Report of top sellers

Out comes a report with the top sellers

Now, everything on this list needs to be marked. Everything *NOT* on this list is considered *CULLING*

Implementing Your Optimisation Strategy

  1. Monthly Review: Regularly assess your product performance
  2. Strategic Culling: Remove underperforming items
  3. Smart Diversification: Introduce new products that serve different needs

Addressing Key Retail Concerns

For Retailers Looking to Streamline Product Offerings

Implementing a 'less is more' approach doesn't mean limiting your business. It's about curating a selection that truly resonates with your customers. Use your POS system to identify top sellers and structure your product mix around these vital items.

Enhancing Profitability:

Concentrating on popular items can lead to better supplier deals due to larger orders. This and lower inventory management costs can significantly boost your bottom line.

Improving Customer Experience:

A carefully selected product range makes your store more user-friendly and enjoyable. It shows you understand and value your customers' needs and time, potentially increasing loyalty.

Optimising Inventory:

Fewer product lines mean easier stock management, less storage space required, and faster stocktakes. Your POS system becomes an essential tool in maintaining optimal inventory levels.

Reducing Operational Costs

A streamlined inventory leads to lower storage expenses, less deadstock risk, and more efficient use of retail space. It also frees up staff time for enhanced customer service.

Conclusion

Embracing product assortment optimization through selling fewer products is a powerful strategy for small retailers. It addresses the issue of customer choice overload, simplifies retail inventory management, and can lead to increased profitability and customer satisfaction.

Keep in mind, the aim is to present a carefully chosen array of products that satisfies your customers' requirements without causing decision fatigue. Begin with small changes, let your POS analytics inform your choices, and observe how your refined product lineup revolutionises your retail operation.By concentrating on the essentials - your top-performing items and your customers' desires - you're not merely reducing inventory, you're enhancing your sales strategy.

 

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Weather does Affect Retail Sales And What You Can Do About It

POS SOFTWARE

Have you ever found yourself shivering in the cold weather, wishing you'd bought that cosy jumper you have at home? Or perhaps you are hot and want a cool drink? These weather-induced moments of need aren't just everyday inconveniences—they're untapped goldmines for savvy retailers. Just look at the recent cold spell that swept across Australia, now sending sales of winter gear soaring.

A research paper here done on the weather stated

"Analyzing daily sales at a national apparel and sporting goods brand’s stores reveals that weather effects on store sales are surprisingly persistent, even after accounting for shoppers simply changing when and where they make their purchases. Moreover, sales at stores that have more experience with adverse weather events have a lower response, suggesting that adaptation may reduce the negative impact of increasingly severe weather on sales."

As someone who has analysed sales data for many retail clients, I've seen firsthand how changes in temperature and rain can affect product sales. It is not rocket science. Different weather conditions change what people buy. This is a chart I made based on data from one of our users. 


 

This stacked bar chart showed the sales performance of different product categories (Drinks, Clothing, Accessories, and Indoor Items) across three weather conditions (Hot, Cold, and Rainy Days). The y-axis represents sales volume, while the x-axis shows the different weather conditions.

Key insights from this chart:

Drinks have the highest sales on hot days, as expected.
Clothing sales peak on cold days, likely due to increased demand for warm clothing.
Accessories like umbrellas showed the highest sales on rainy days.
Indoor items see increased sales on both cold and rainy days, possibly because people spend more time indoors during these conditions.

This chart effectively illustrates how different product categories perform across various weather conditions, allowing users to quickly identify trends and patterns in weather-based sales.

Hot Days, Cool Profits

When the mercury soars:

  • Cold drinks sell
  • Sunscreen sells

Chilly Weather, Warm Sales

As soon as it gets nippy:

  • Hot drinks sell
  • Jumpers and beanies become must-haves
  • Heaters become essential purchases

Rainy Day Retail

When the rain comes down:

  • Umbrellas sell
  • Raincoats become good sellers
  • Indoor activity items like books and board games see increased interest

This weather-driven consumer behaviour is critical to understanding and predicting your sales patterns.

Turning Weather Data into Retail Gold

So, how can you use this info to boost your sales? It's all about being prepared and using your point of sale (POS) software to your advantage for weather-based inventory management and retail sales forecasting.

Dig into Your Data

This is where our POS software for weather trends shines, as your POS system is a goldmine of information for retail data analysis. Here's how to tap into it:

Go to Register Reports

Top selling items menu

Now select "Top N Stock Sales for a Given Period.

Top selling items

Put in a date of a hot day and see what you get. Do a few. Now put in a cold day and so on.

Do this also for cold and rainy days—you'll start seeing patterns emerge. 

These are products that sell in your shop in those days. 

Stock Smart, Sell More

Once you've got your data, use it for weather-responsive merchandising:

Make categories for stock that sell well according to the day's weather, e.g., start with hot, cold, and wet.  Get the appropriate signs.

If a day in the morning is forecasted to be such a day, these signs and products will be placed in a prominent position in the shop. 

Communicating Weather Strategies to Staff

Your team plays a crucial role in implementing your weather-based strategy. Here's how to get them on board:

  1. Hold regular briefings on upcoming weather and corresponding product focuses
  2. Train staff to understand the connection between weather and sales trends
  3. Encourage staff to provide feedback on customer behaviour during different weather conditions
  4. Create simple checklists for weather-based display changes

FAQs: Weather and Retail

Q: How quickly do weather changes affect sales?
A: Impact can be almost immediate, especially for impulse buys like umbrellas or cold drinks.

Q: How far in advance should you plan for weather-related changes?
A: Today's seven-day forecasts are generally fairly accurate. 

So I would suggest that you check the 7-day forecast each week in your area and note any abnormal hot, cold, or rainy days coming up.

The Bottom Line

While Mother Nature may be unpredictable, your retail strategy should not be. Make sure you have the right approach and tech tools, to take advantage of the weather to make sales. Your POS system isn't just a glorified cash register—it can be a predictor of your customer behaviour. With some planning and the right tech, you can ensure your sales forecast is always sunny, no matter what's happening outside.

Have you noticed the weather affecting your sales? I'd love to hear your experiences! Comment below or reach out if you need help setting up your POS system to weather any storm.

Stay savvy, and may your sales be ever in your favour!

 

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Get your stock turns now!

POS SOFTWARE

different stock turn rates.

Did you know that boosting your stock turn rate by just 20% could dramatically increase your profits? 

What Are Stock Turns?

Stock turns, or Inventory Turnover, measure how often you replace your inventory over a given period. It is a crucial indicator of your shop's performance.

The Basic Formula:

Manually, it is calculated by

Stock Turn = (Cost of Goods Sold) / (Average Inventory Cost)

Step-by-Step Guide to Calculate Stock Turns Manually

Calculate your Cost of Goods Sold (COGS) for the period.

Determine your Average Inventory Cost
Add your beginning and ending inventory values
Divide by 2

Divide COGS by the Average Inventory Cost

For example:

COGS for the year: $100,000
Start of the year inventory: $25,000
End of financial year inventory: $15,000
Average Inventory: ($25,000 + $15,000) / 2 = $20,000
Stock Turn = $100,000 / $20,000 = 5

The Impact of Stock Turns on Profitability

Cash Flow Management: Higher turns mean you're not investing in the slow-moving stock. This improved cash flow allows you to reinvest in your business.

New stock: Moving your inventory faster keeps your stock current, reducing the risk of obsolescence.

Space Efficiency: You can use your valuable retail space better by keeping fast-moving items on hand.

The Magic Number: 12

Many retailers aim for a stock turn of 12. Why? It's simple:

You're likely paying suppliers monthly
A turn of 12 means you're selling out monthly
This means you do not pay for the stock you sell.

How to Check Your Stock Turns with POS Software

Our POS software has made inventory analysis more manageable than ever. Here's how to check your stock turns:

Open your POS software
Navigate to Main Menu > Cash Register > Register Reports
Expand the 'Stock' section
Select "Show Stock Turn by Dissection and Item"

​Here is the sample I produced showing the stock turns by department.

As a general rule, the higher the score of your stock, the better. This, however, is not always true; a stock turn that is too high often shows that you are understocked. For example, you have an item you could sell once daily, but you order one weekly. So every week, you have sold one, so at the end of the year, you have a score of 50, which is a great score, but you have lost 250 sales that you could have had because you could have sold one a day and all you have sold is one a week.  

High Turns (8+): Great! But are you missing sales due to running out of stock? 

Mid-Range (4-7): Good, but room for improvement.

Low Turns (1-3): Time to reassess. Are prices too high? Quality issues?

Common Pitfalls to Avoid When Optimizing Stock Turns

Over-optimizing: Pushing for extremely high turns can lead to being out of stock.
Ignoring seasonality: Some products naturally have different turn rates at various times of the year.
Neglecting customer service: Don't sacrifice having enough stock to meet customer needs to improve your turns.
Forgetting about lead times: Consider how long it takes to restock when planning your inventory levels.

Our POS systems offer a range of features to help with inventory optimization:

Real-time tracking: Get up-to-the-minute data on your stock levels and turns.
Automated reordering: Set up automatic purchase orders when stock hits a certain level.
Predictive analytics: Use AI-powered (FOCUS) forecasting to predict future stock needs. Our software includes this feature for free.

FAQ: Common Questions About Stock Turns

Q: What's a reasonable stock turn rate? 
A: It varies by industry, but generally, a turn rate of 4-6 is considered good, while 6-12 is excellent.

Q: How often should I calculate my stock turns? 
A: Monthly calculations are ideal for most businesses.

Q: Can stock turns be too high? 
A: High turns may indicate that you're losing sales due to running out of stock.

Q: Should I use the same stock turn goal for all products? 
A: No, different product categories may have different optimal turn rates. Use our POS data to set appropriate goals for each category.

Wrapping Up

Take time to analyse what these scores are telling you. This will help you to identify the actions required to improve profitability and return on investment.

Now, you need to analyse your stock and check each department to see what is working and what is not. A score signals bad sales and that you are more stock than you realistically need at any given time. Maybe you have a pricing or quality issue, but that department has a lot of obsolete stock. If so, move the obsolete stock to a different department, as it will not give you fair figures here.

A high score indicates greater profitability and a good return on investment, although, as I stated, it may also mean that you are not ordering enough.

Remember, every figure has a story.

 

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See the movement of sales by your suppliers over time

POS SOFTWARE

Are you tired of feeling behind in trying to keep up with the latest retail trends and changing customer preferences? One key to staying ahead is your supplier sales data.

Monitoring your suppliers' performance can be a key differentiator. This often overlooked strategy works by pigging on the backs of your suppliers. You look to see which supplier is working and then move to them while using fewer of those that are not working. This can revolutionise your inventory management.

In today's retail battlefield, knowledge truly is power. Here's why keeping tabs on your suppliers' performance is a game-changer:

  • Spot emerging trends before they hit the mainstream: Be the first to stock the next must-have item.
  • Make inventory decisions backed by hard data: Say goodbye to guesswork and hello to optimised stock levels.
  • Negotiate like a pro: Use sales trends to secure better deals and terms with your suppliers.
  • Align your shop with market shifts: Stay nimble and adapt to changing customer preferences.

Let's explore how your POS software can unlock these powerful insights.

Supplier performance tracking

  1. Open your POS system's reporting module
  2. Go to the register sales reports and call up the "Sales Comparison by supplier"
  3. Set your date range (e.g., current financial year vs. previous year)
  4. Choose to view results as percentages for easier trend-spotting

Supplier options

I prefer to look at percentages as it shows trends.

Hit "View Report" and watch the magic unfold!

Supplier report

What You Might Discover: Retail Market Trends

Imagine stumbling upon this eye-opening data:

Key Takeaways:

  • ABC supplier is on fire! Their products are resonating with your customers.
  • The drink supplier is losing ground. Is it time to review their range? My advice would be to start some negotiations with their reps. The existing strategy is not working. 
  • Eco Essentials is gaining traction. Riding the sustainability wave?
  • The card supplier has taken a significant hit. Economic factors at play?

Digging Deeper

Your POS Software here offers a treasure trove of additional metrics:

  • Profit margins: Your profit, both in absolute and percentage, as well as the change.
  • The average price you sell: Check what price you are getting and check to see what others are getting. In my experience, it is interesting if there are wide changes between what you sell at and what others do.
  • The number of sales: I consider each sale to be a vote, check how your customers are voting for your products

From Data to Action: Supercharging Your Retail Strategy

  1. Schedule supplier check-ins: Share insights and brainstorm ways to capitalise on trends.
  2. Retail inventory management: Boost stock for rising stars and pare back on underperformers.
  3. Retail sales optimisation: Highlight products from trending suppliers.
  4. Supplier negotiation strategies: Use data to drive better deals and partnerships.

Your Turn: Unleash the Power of Supplier Insights

Don't let this data goldmine go to waste! Dive into your POS reporting features today and start uncovering the stories your suppliers' sales are trying to tell you. Your shop's future success might depend on it.

Remember: Your POS is more than just a fancy till – it's your crystal ball for retail success. Use it wisely, and watch your business thrive!

 

Barcode now has its 50th Birthday!

POS SOFTWARE

Can you imagine a world where every purchase involves manually entering the department and the price of every item at the checkout? Such a scenario might appear to have been lifted from a 1980s video game, but it was a fact for retailers then. Then came the barcode.

Fifty years ago today, on June 26, 1974, the first commercial barcode scanning was done on a Wrigley's chewing gum pack. Those stripes may seem simple, but they revolutionised how we shop!

After the barcodes were released, we released the first magazine barcoded return system here. At first, because it was so new, we had to manually put on a barcode sticker as many magazines did not have barcodes.

I am in the middle, boy. I was proud that day as no-one had ever done anything like this before, and next to me was Joe, the programmer who did most of the analysis for the returns. We had a deal between us; I handled the newsagency stuff and the data handling, and he dealt with the magazines. It was in DOS. The result is that we saved our clients a lot of time and money.

How the Barcode Changed Retail (and Saved Money!)

Before barcodes, cashiers rang up sales by manually entering in price and department codes. This process was slow and error-prone, frustrating customers and costing retailers money. The barcode, however, changed everything. Here's how:

  • Faster Checkouts and Happy Customers: A simple scan eliminates the need for manual code entry, resulting in shorter queues, happier customers, and improved staff productivity.
  • Reduced Errors and Happy Staff: Barcodes are much more accurate than manual code entry, leading to fewer mistakes and happier staff (no more hunting for the correct code!).
  • Improved Inventory Management and Reduced Costs: Barcodes allow retailers to track stock levels more efficiently. This means there's less chance of running out of popular items, less money tied up in unnecessary stock, and better-informed ordering decisions—all contributing to significant cost savings.
  • Enhanced Customer Experience: Beyond speed, barcodes enable features like price verification at checkout, reducing customer confusion.

The Barcode and Modern POS Systems: A Powerful Partnership

The barcode laid the foundation for modern POS systems like the ones we offer at POS Solutions. Here's how they work together to streamline your operations further:

  • Product Data at Your Fingertips: When you scan a barcode, the POS system instantly retrieves the product information, including its name, price, and the applicable GST Code.
  • Automatic Inventory Updates: Each scan automatically updates your inventory levels in real time, ensuring you always have accurate stock data and can make informed decisions about reordering.
  • Sales Tracking and Informed Decisions: POS systems use barcode data to track sales trends and identify popular items. This information helps you decide stock levels, promotions, and future ordering.
  • Seamless Integration for a Smooth Experience: Modern POS systems seamlessly integrate with barcode scanners, creating a smooth and efficient checkout experience for you and your customers.

Next Step of the Retail Industry

The introduction of a barcode, no doubt, has been a breakthrough, but the technology is still developing. We at POS Solutions are very optimistic about the future of retail efficiency, involving the following, which we are introducing:

common 1D & 2D barcode formats

  • 2D Barcodes: These data-rich barcodes can hold more information than traditional barcodes, potentially including product descriptions, origin details, and even expiry dates.
  • QR Codes: These square-shaped codes can be scanned using smartphones, opening up new possibilities for customer engagement and product information access.
  • RFID Tags: These tiny radio frequency chips offer even greater tracking capabilities and can be used for tasks like automated inventory management.

These advancements can inspire, but the barcode is essential in the retail ecosystem. Remarkably, this solution made the most significant difference in modern retail.

Ready to leverage the power of barcodes and modern POS systems for a more efficient and profitable future? Contact POS Solutions today to learn more about our innovative solutions!

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Complete Video Guide on mastering Stocktake

POS SOFTWARE

Now, at the end of the financial year, we are releasing this video, which provides a complete YouTube tutorial on how to do the physical count for a stocktake using our POS Software.

We walk you through this essential inventory management system and explain the options and best practices.  This video would be useful as a training and reference resource for anyone who needs to perform stock control using POSBrowser. 

It covers the two main approaches—doing the full shop at once or breaking it down into smaller location-based sections. Although both work, we advocate the location-based approach, which we find more efficient. Prepare your plan by dividing the shop into sections. Then, stocktake each section one at a time. This makes the process more manageable and accurate. 

The video demonstrates creating a new stocktake, correctly scanning/counting items, and correctly recording it. We also cover the necessary settings like "Check Stock Movement" if you are doing it during trading. It shows how to run reports to see discrepancies, cost valuations by department, and more. The reporting capabilities highlighted allow you to analyze and audit your stock position.

The clear explanations and visual demonstrations make it a valuable reference for new and experienced users. I suggest getting your staff to run through it, too.

"The integration between stocktake data and our ordering process has streamlined our operations significantly. We've reduced carrying costs, minimized stock-outs and given us accurate reporting." 

woman watching a youtube on Stocktake

Mastering stocktakes is essential for the success for any retailer.

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Do You Do a Stocktake?

POS SOFTWARE

StockTaking

This question arises every year and again this year. Here, I will discuss the importance of stocktaking for businesses and address common objections. 

We also explore the advantages of performing a stocktake, even when facing challenging circumstances. Additionally, we highlight the potential risks of skipping a formal stocktake and how implementing regular rolling stocktakes throughout the year may offer better results.

Firstly, stocktaking is a critical process for retailers, ensuring accurate management of inventory levels. Despite perceived challenges, I think its benefits far outweigh the drawbacks. Modern POS software can streamline the stocktaking process. It's not just for the ATO; I have seen many retailers whose profits have mysteriously disappeared. We are not talking small figures here. Theft, damage, or errors of the inventory mean a significant time loss to the retailers, which also implies a substantial loss of revenue due to the problems of the businesses. You can substantially decrease the losses and increase the revenue by carefully regulating your inventory.

Objections to Stocktaking:

Stocktaking can be viewed as a tedious and resource-intensive task, with several arguments against its necessity:

It consumes time and effort
It incurs additional costs without generating revenue
Disruptions to daily operations can negatively impact sales

These concerns are legitimate; however, there are compelling reasons to perform a stocktake despite them.

Legal Requirements for Stocktaking:

According to the Australian Taxation Office (ATO), businesses must perform a stocktake if they cannot accurately estimate their current stock levels based on historical data and do not meet specific conditions. These conditions include:

The difference in stock values between the previous financial year and the current financial year is less than $5,000

Using a reliable method, you can reasonably estimate your current stock levels and maintain sufficient evidence to substantiate your estimates.

Please read this page from the ATO here on this question and pay particular attention to the square I marked in red. 

 

I am sure every client I have has at least a $5,000 inventory difference between this fiscal year and the previous one. 

It is your responsibility to affirm your stock figures to the ATO, at least to their complete satisfaction, so that the ATO will regard your figures as reliable evidence.

Rolling Stocktakes vs Formal Stocktakes:

There's debate over whether to conduct traditional annual stocktakes or opt for rolling stocktakes throughout the year. While rolling stocktakes offer real-time insights, they can be more resource-intensive than formal stocktakes. Both methods have their merits, but accuracy in stock valuation remains paramount for tax purposes.

Advantages of Performing a Stocktake:

A well-executed stocktake offers numerous benefits for businesses, including:

By comparing the inventory on record with the actual stock, one can obtain the data needed to make better stock orders, properly manage inventory, and prevent loss at the premises in cases of theft or things are just out of place. This information can then be used to devise better security measures.

Products are checked to see how many are near expiry and if stock is spoilt and damaged. Often, this allows last-minute sales to recover whatever value is left in these goods.

Getting technology that provides 24/7 visibility of the inventory status and the capability to view, track, and control the flow of goods in and out of the business will ultimately increase operational efficiency, accuracy, and, more importantly, customer satisfaction.
 

POS Software Benefits:

Our POS software comes equipped with robust inventory management features to simplify stocktaking:

  • Barcode scanning: Scan product barcodes for faster and more accurate counting.
  • Real-time inventory updates: You do not need to close the shop to do a stocktake.
  • Stocktake reports: It generates detailed reports to analyze discrepancies and identify trends.

Conclusion:

With their circumstances, different businesses ought to decide whether to implement a formal or rolling stocktake. The legal aspects and benefits, which must be balanced with each approach, should form the basis for a decision. By taking these necessary steps, you can make wiser decisions. 

Whichever way you go, I wish you all the best for your business.
 

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Tips for the coming Stocktaking 2024

POS SOFTWARE

Store staff conducting stocktake counting and entering in a computer

Somehow, I doubt anyone in the world has been as involved in stocktakes as I have. Stocktaking is one of the best practices and a crucial process for any business in 2024. It involves physically counting your inventory to ensure your records match what you have on hand. This can be daunting, but it is the best way to control inventory. It is also your way of testing your inventory management system. For example, Excess Inventory, *Eating Away* at your profits in 2024, and checking your inventory data.

Why Inventory Management Matters

In today's dynamic market, real-time inventory visibility is essential for success.

Current studies are showing "found that inventory record inaccuracies are a significant problem, affecting approximately 60% of stock  analysed. Interestingly both positive and negative inaccuracies had a detrimental effects on sales and correcting these inaccuracies led to a 4-8% increase in sales

Effective inventory management allows you to:

Stock management

Regular stocktaking helps you identify excess inventory and your inventory tracking and assess your current inventory control. For example, people often find "dead stock" just sitting there and holding their cash flow.

Improve Inventory Accuracy

Accurate inventory levels are the foundation for informed decision-making. Regular stocktaking ensures you have the right stock to meet customer demand.

Accounting requirements

A properly conducted stocktake is the best way to prove and justify your stock holding to the ATO. Estimates are always dubious to an auditor, and if the auditor feels that you do not have good inventory management techniques and stock keeping, they can make and use their estimates. I have seen this problem happen with clients that have used cyclic stocktakes.  I have discussed this issue here.

Tips to get your stocktaking procedure going in 2024 going.

Preparation is Key

Thorough preparation is critical to a successful stocktake. Schedule your stocktake for a quiet time, organise your shop as much as you can before, and consider what people are best for getting faster and more accurate counting. Remember as well that:

-Stock counting tends to work faster if people are in teams, so consider dividing people into teams of two or three people; I find that two people to count and one to record the count makes an effective team.

-A stocktake is an excellent opportunity to check pricing, barcode, and product labels while counting.

-It is also an excellent opportunity to clean the shop.

-Plan how to split the task into blocks to keep your staff motivated and alert. We recommend that you divide your shop into manageable counting areas. Label each section clearly. You should aim for each area to be something that can be done in one to two hours max. This makes it easier to have regular breaks

-If you have a warehouse, make sure it is not missed. Often, it can be done on another day.

-Move stock as much as possible to the appropriate counting area. You want stocktake day to be as simple and fast as possible.

-You can take a few days as a stocktake can be done in more than one day.

-Sometimes, you cannot count but will have to use estimates.

Check your Technology

Modern inventory management software has revolutionised the stocktaking process. Our POS system integrates with stocktaking software, automates tasks, and streamlines the entire process, but make sure the setup you intend to use works. I have seen how frustrating it is for people to assemble their teams, start the stocktake, go to record stock levels, and discover something isn't working. Make sure your stocktaking software and equipment work now! 

Test your equipment and verify it works. Confirm that the chargers and batteries are all fully operational and ready for use. It is also an ideal opportunity to familiarise yourself again with their operation.

If you can use laptops or, better still, PDTs, both will be real-time savers as these can move around the shop rather than going to the items to count. If you have a laptop, ensure it works with our POS Software.

Review how stocktakes work.

Develop a Systematic Counting Procedure

Establish a clear and consistent method for counting your inventory. This could involve counting by sections or categories to ensure no stock is missed or double-counted. In Australia, it is generally considered easier to count from left to right—bottom to top. Make this a rule before you start, and make sure everyone knows this in advance.

-As you count, prepare place markers to mark counted areas to avoid missing or double-counting sections.

Common stock issues

These problems you need to address before you start the stocktake:

-Have a problem holding area where problem items that appear while doing a stocktake can be moved too, allowing you to move on in the stocktake and not be held up. You are trying to streamline the process.

-Move as many problem items into this holding area as possible before you begin.

-Review the types of inventory you have. For example, put all laybys, consignment items, or items waiting for dispatch in separate holding areas. Later, you must check with your accountant about how they want these items handled.

Conclusion

These tips will help you make a successful stocktake. If I missed something, please let me know.

We are reviewing our complete stocktaking guide, so give us a few days to review it. We will also release some other guides on specialised issues in stocktaking. These guides will equip you with the latest knowledge to improve your bottom line.

Happy stocktaking!

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Learn about the Power of your Point of Sale Software

POS SOFTWARE

Software training

retail staff members participating in a hands-on POS software training session.

Introduction

Training on point-of-sale software is an essential component of your business. It is a powerful business tool that can manage inventory management, customer loyalty programs, sales reports, etc of your business. You can do it better if you are properly trained. 

This article examines the benefits of training and answers some often-asked questions.

Benefits of POS Systems Training

Increased Efficiency

With the proper training, you can quickly navigate your POS software, allowing you to focus on other aspects of your business and save time.

Better Service for Customers

If you better understand how your POS software works, you can make it easier for your customers, making them more satisfied and loyal.

Accuracy of the Data

The POS system offers a lot of flexibility. You need to know the correct procedures to enter and manage your data. We provide proper training to give you this knowledge, ensuring your business works with accurate information. We also will discuss if you require the importance of data security training to ensure you understand best practices for protecting customer information.

Improved Control

You have many reports that detail your business in detail. With better information, you can run your business much better. Soon, you'll be able to make better decisions about your business operations and get better results.

> This only works if you have good information.

 

You do not have to do it alone.

A woman alone looking confused is reading a POS manual

 

Our POS Software Training Program

Cost

Our software training program is free for our clients in our offices or on Zoom. 

In your shop, there will be charges.

Customization

Our training program can be customized to meet your specific requirements. It can be done using your actual data from the shop.

Expert Teachers

Our experts who contact our training program have years of experience in our software. They know how it works in retail environments like yours. They will be able to provide examples and solutions from actual situations to your issues and problems.

Practical Instruction

These sessions offer hands-on training to use the software and improve your knowledge in a real-world setting.

Flexibility

Training can be done at times that are suitable to your needs. Your staff can receive the necessary training without interfering with minimal business operations.

Continuous Support

Once done, you can book more sessions. There is no limit. That way, you can do a refresher and keep up with all our software updates. 

Frequently Asked About POS Software Training (FAQ)

Q: What is training for Pos software?

A: POS software training is a comprehensive program that teaches you how to use your point-of-sale software. It provides you with the knowledge and skills necessary to manage your business operations effectively. The training covers all aspects of the software, from basic to advanced features and functions relevant to your needs.

Q: Is training in Pos software required?

A: NO, but if you want to get the best out of your software and improve your business, then YES. 

Q: How long does training for Pos software take?

A: How long is a piece of string? Some need a lot of training, and some only a little. Some people use many features of our software, and some only need a bit. The length of your Pos software training depends on your particular requirements. 

As a rule, I recommend it is done in two-hour slots with a coffee break between 15 minutes—more than that, it gets hard to digest.

Q: Is in-person or online Pos software training available?

A: Pos software training is available online and in person so that you and your team can choose the best method.

In-person training provides better hands-on and interactive instruction.

Online training offers more convenience.

Screenshot of a Zoom meeting

Q: Who ought to attend training for Pos software?

A: I want to understand why POS software training is not available to anyone in your shop, including staff members who use computers. 

Conclusion

> Formal Point of Sale software training is essential for maximizing the software's capabilities.

> It enhances business operations.

> It gives you more control.

> Training can help you get more out of your software and achieve better results, no matter how experienced or new you are to the field.

Master your POS software and take your business to the next level with proper training.

No cost and you have much to gain, give us a call.

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Improve your Sell-Through Rate for Retailers

POS SOFTWARE

bugs bunny as a frustrated customer looking at an empty shelf in a gift shop

The delicate dance of retail inventory management: Picture the frustration of encountering empty shelves where popular items should be or overflowing aisles with last season's clothes. Both scenarios highlight the importance of balancing meeting customer demand and minimizing excess stock. At the heart of this strategy lies this:

Sell-Thru Rate

This rate is a powerful key performance indicator (KPI) in retail that measures the efficiency of a stock's performance. It is the percentage of your stock item sold during a specific period compared to the amount you received. It essentially tells you how quickly your stock is moving off the shelves. A high sell-thru rate indicates strong sales performance and effective inventory management. In contrast, a low sell-thru rate may signal a misstep on the inventory management tightrope, indicating overstocking or outdated products.

It requires real-time information that your POS System should have. Information here is power. 

Calculation of Sell-Thru Rate

The rate is calculated using a straightforward formula:

Sell-Thru Rate = (Number of Units Sold) / (Number of Units Received) x 100%

Say you got  a hundred blue pens and sold sixty blue pens in a month; your sell-thru rate is:

(60 / 100) x 100 = 60%

If you sell in one month (100%), you often do not need to pay for the stock, as your customer sales will pay the suppliers.  

Step-by-Step to calculate the Sell-Thru Rate

  1. Determine the Period: Choose a timeframe for the calculation (e.g., weekly, monthly, quarterly). Using one timeframe for the shop allows for a more straightforward analysis. Most people use a month, which works well for Australian business practices.
  2. Count Units Sold: Record the number of units sold during the chosen period. Your point-of-sale (POS) system can easily access this data.
  3. Count Units Received: Record the number of units received during the same period. Your inventory management system or purchase records should provide this information.
  4. Apply the Formula: Use the sell-thru rate formula: 

    Sell-Thru Rate = (Number of Units Sold) / (Number of Units Received) x 100%

Example Calculation

Say you brought twenty Coke cans for the shop at the beginning of the month, and by the end, you had sold fifteen. To calculate the sell-thru rate:

(15 / 20) x 100 = 75%

This 75% sell-thru rate shows a good demand for Coke at the product quantity selected.

Timeframe Considerations

  • Calculating your sell-through rate regularly helps you manage your inventory. Being consistent helps identify trends, forecast demand, and adjust inventory levels.
  • Using a POS system can significantly simplify the sell-thru rate calculation. Modern POS systems automatically track sales and inventory, providing real-time data that eliminates manual errors and saves valuable time.  POS Solutions offers intuitive dashboards and reports

Understanding a Sell-thru Rate

Benchmarks for a Good Sell-Thru Rate

A "good" sell-thru rate can vary widely depending on the industry and product category. Here's why:

  • Product Category: Fast-moving consumer goods (FMCG) like beverages typically have higher sell-thru rates than luxury items like jewellery or high-end electronics.
  • Seasonality: Coke has a higher sell-thru rate during summer, while sales drop in winter.

Here are generally accepted retail benchmarks:

  • 60% - 80%: This range is considered a reasonable sell-thru rate for many retail sectors. It indicates that a significant portion of inventory is sold within a reasonable timeframe.
  • Above 80%: An exceptionally high sell-thru rate. This is often considered a danger as it suggests you're not stocking enough inventory to meet peak demand or selling too cheap. 
  • Below 60% could indicate overstocking, outdated products, or pricing issues. Analyse your data and implement strategies to improve sell-thru rates for these categories.

As a rule, most retailers are suggested to get to 75% sell-thru. In our tests, we see much room for improvement in SMEs as most retailers there are now at about 60%

Influencing Factors

Several factors can impact your sell-thru rate, and understanding them is crucial for navigating the inventory management tightrope:

  • Product Category: As mentioned earlier, some products naturally have higher turnover rates than others. When setting expectations, consider the inherent demand cycle for your product mix.
  • Seasonality: Seasonal fluctuations are a fact.
  • Market Trends: Staying attuned to current trends and consumer preferences can significantly impact your sell-thru rate. Products aligned with trending styles or features tend to sell faster. Do market research to adjust your buying strategies accordingly. One good source is the list of the best sellers, many of which are publicly available. 
  • Pricing Strategy: Competitive pricing can enhance your sell-thru rate. However, avoid excessive discounting. If an item needs to be significantly discounted to be moved, consider whether it should be kept.
  • Marketing and Merchandising: Creative marketing campaigns and attractive in-store displays can boost product visibility and sales, improving your sell-thru rate. I like the idea that many online retailers use now to highlight their popular items in their shops; try it in your shop, as this method has been shown to drive customer interest.

Advanced Techniques for Sell-Thru Rate Mastery

To truly master the inventory management tightrope and achieve exceptional sell-thru rates, consider implementing these advanced techniques:

  • Inventory Forecasting: Accurate inventory forecasting involves predicting future demand based on historical sales data, market trends, and seasonal fluctuations. Our advanced POS systems have many predictive tools to help you make data-driven purchasing decisions.
  • Stock Levels: Maintaining optimal stock levels is crucial. Here are two standard methods:

    Min/Max Stock Level: You set a minimum and maximum stock level for each item. If the stock goes below the minimum, you order to the maximum.  This ensures you don't overstock and tie up capital in unsold products. Find the sweet spot between these two levels to maintain a healthy sell-thru rate. The threshold below is the inventory level that should not fall to prevent stockouts. -- Focus stock level: Most use this as you let the computer calculate the minimum/maximum based on various methods, including AI technology. It will be calculated based on history and current sales figures. You can always review the result after the calculation if you want manual control.  This technology can significantly enhance inventory management capabilities.

Case Studies: Real-World Examples

Let's look at a few examples of businesses that successfully improved their sell-thru rates using the strategies discussed, illustrating how they navigated the inventory management tightrope:

Case Study 1: Newsagency

A newsagency was struggling with its stationery department, as the person doing it manually for years had left. So, they decided to implement focus in their POS system. It began tracking sales data in real-time and analysing customer purchasing patterns. After about three months, their sell-thru rate had increased slightly, they had significantly less stock, and they had improved their cash flow.

Case Study 2: Fruit and vegetable store

They decided to push honey, but there was such a variety that it was becoming unmanageable. They adopted a minimum/maximum stock control for some selected lines to seed the original purchases. Soon, they started ordering based on predicted demand rather than historical sales alone. They focused on high-demand products and adjusted stock levels dynamically based on real-time sales data. Soon, they achieved a consistent sell-thru rate of over 70%.

Inventory management

Managing inventory effectively is a requirement today in retail. 

  • Prioritise Data-Driven Decisions: Integrate a robust POS system to gain real-time insights into your sales and inventory. Review your sell-thru rate and analyze trends.
  • Embrace Advanced Techniques: Implement inventory forecasting strategies to maintain stock levels.
  • Focus on Customer Satisfaction: The goal is ultimately to balance efficient inventory management and providing a positive customer experience. 

Recap of Key Points

  • Sell-Thru Rate Basics: It measures the efficiency of inventory usage and sales performance.
  • Calculation: Regularly calculate your sell-thru rate using the formula and track it over consistent timeframes.
  • Influencing Factors: Consider product category, seasonality, market trends, and pricing strategies.
  • Improvement Strategies: Use data-driven inventory management, effective product selection, and creative merchandising.
  • Advanced Techniques: Implement inventory forecasting, min-max stock levels, and leverage technology for optimization.

Take Action

Start by integrating a robust POS system like POS Solutions to gain real-time insights into your sales and inventory. Regularly review your sell-through rate. Then, adjust your strategies based on their data-driven insights. Inventory is an ongoing process.

Contact us for more information on how POS Solutions can help you improve inventory management.

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Why use your stock companion report?

POS SOFTWARE

Running a successful retail business means ensuring every product on your shelves earns its keep. This is not easy. You know the items are ringing up the most sales. What is more challenging is to see if the slow sellers are boosting revenue by selling other products. This is where your point of sale software's Stock Companion Report can help.

Measure An Item's True Value

Go to Cash Register Reports > Sales Register > Stock Companion Sales by Period. See the green arrow below.

Select the stock item, put in the last 12 months, and you will get a detailed report listing profit, numbers, etc. 

You'll get a detailed report showing the item's profit, sales numbers, and more. With this data, you can evaluate whether a slower-selling product with low direct sales attracts customers who purchase other higher-margin items.

Insights for Smarter Merchandising

One client used the Stock Companion Report for dry cleaning. This service had low profitability, so they debated whether to keep it, but they found it brought in good customers who bought other products. So they kept offering it.

The Stock Companion Report is just one example of how our POS software arms you with the insights you need to optimize your product mix. Slower-selling items may be necessary to attract foot traffic and complementary sales. Understanding these hidden contributions lets you make informed merchandising decisions that maximise your total store revenue.

Let our POS system provide the robust reporting you need to understand what's driving your sales. 

This is just another example of how our POS System provides you with stuff you can use. Call us to learn more.

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How to mark items as *not wanted*

POS SOFTWARE

Managing your inventory is crucial. Carrying too much Dead Stock (items that never or rarely sell)  can drain your cash flow and waste valuable storage space that could be used for products customers actually buy.

Deadstock, you may know as your Shelf-sitters, Dust collectors, Deadweight inventory and Stagnant inventory, it's all the same thing. It's stock that is sitting in the shop and does not sell.

That is why we all try to streamline our inventory. However, a better solution is not to get the Dead Stock in the first place.

Fortunately, your point-of-sale (POS) software likely has built-in features to help you identify and mark Dead Stock.

Dead Stock

Your POS software has robust reporting capabilities. Use them to pinpoint:

  • Seasonal items that didn't sell. Those Santa hats were a great idea in August, but they're irrelevant now.
  • Slow sellers. Flag items that have been sitting on shelves for months or years without selling. They're taking up space that sellers could occupy.
  • Damaged/defective goods. These need to be addressed.
  • Obsolete inventory. For these you need some intelligence because the computer does not know the latest fads. Books on Oppenheimer sold well while the movie was hot but now they soon will be outdated and occupying space.
  •  

Click here for more details.

Use "Do Not Order" Features

In your POS Software, you can mark an item so that others do not accidentally order it and that if it does come, it will be marked on the computer as not wanted. It's a common problem in retail, for example, in my grandfather's shop. I remember as a kid how happy he was that we finally cleared some items, only to discover a short time later, to his horror, that my Mum, noticing we were out of it, had put in a fresh order, and it was back. This is how you can stop it.

We call this "Do not receive." You can either do it in stock maintenance or in-stock received.

 

How to censure  a magazine

 

For example, while receiving, go to edit. Mark the item where the red arrow is. From then on, in your POS system, it will show it as NOT WANTED, and if it does come in, the point-of-sale software will put it on the list to be instantly returned.

This avoids wasting money re-ordering a product that doesn't sell.

Benefits of Managing Unwanted Inventory

Taking control of obsolete and slow-moving stock has many advantages:

  • Saves money otherwise spent on storing and managing unwanted products
  • Frees up inventory space for faster-moving products
  • Allows you to focus purchasing on your bestsellers
  • Reduces wasted time counting and accounting for products you don't want
  • Ensures you have the right mix of products to meet customer demand
  • It frees up cash flow sitting in dead stock.

The bottom line? Don't let unwanted inventory eat into your profits and operations. Use your POS system tools to take back control! 

Shrinkflation Alert! Retailers, Protect Yourselves

POS SOFTWARE

Weights of sweet wrong

Check this image out. At the green arrow, the package said this sweet is 25 gm. Look at the red arrow for what it is: 17 gms. Selling such a sweet could be a fraud. Something similar happened to our of our customers. They ended up sending a few boxes back to their supplier. I wonder if the supplier forwarded it to another newsagent or fixed it. 

This is a problem we do not need.

Shrinkflation helps manufacturers quietly cut prices, but it sometimes creates headaches for retailers as products get sneakily downsized without transparency.

Shrinkflation Equals Retailer Frustration

Shrinkflation refers to products shrinking in size or quantity while prices remain stagnant. Instead of buying ten in a package, the package now has eight. Companies hide the quality reduction with tricky packaging tactics to mask these changes from consumers.

Numerous studies show consumers are far more likely to be negatively impacted by price increases than the reduction in size of a product. The strategy might even bolster certain sectors, like consumer staples, because these companies can sustain their margins by implementing shrinkflation tactics.

However, obscuring shrinkflation can seriously impact retailers once discovered. Suddenly, for example, your computer records contain incorrectly labelled products that no longer match what is programmed into your point-of-sale system. More importantly your shelf labels are now wrong.

This causes many problems no retailer wants to deal with. 

  • Angry, confused customers
  • Labor-intensive inventory adjustments
  • Point-of-sale system inaccuracies
  • Reputational damage and eroded consumer trust

Protect Your Business With Proactive Steps

Retailers can take proactive measures to catch this shrinkflation before major damages occur. 

Carefully Screen Inventory

When new products arrive, if they are different, there should be a separate item in your POS System with a unique barcode. 

Conduct Random Audits

I like this idea: if the computer scale is in the shop, it is easy to check the weights. If not, bring your kitchen scale to work and test many items in the shop.  Verify your figures match what’s on the supplier's packaging, if different, check what is in your POS system.

If you find an error, contact your suppliers to reconcile the differences and move forward. Most likely, you do not have their current catalogue file to import.

Shrinkflation Stings Customer Trust

Vigilance against shrinkflation directly translates to trust-building with customers. When shoppers find your inventory transparently reflects accurate weights and measures, they feel confident you offer reliable products.

Conversely, shrinkflation erodes consumer faith when its obscuring tactics are revealed down the line. Shoppers may wonder:

  • What else is wrong with this retailer’s inventory controls?
  • Are they overcharging me for other items, too?
  • Can I trust product information here?

Once customer suspicion sets in, it becomes challenging to regain their loyalty. It is far better to prevent the problem through proactive measures.

 

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Get independently Tested Supplier Category Files

POS SOFTWARE

We are continuing to expand our supplier category files which you can find on our website.

We just added HENDERSON GREETINGS click here for the category file. 

What we do is get the files from your suppliers directly, and then test them to make sure that they are okay for you to use. 

If you want other suppliers, click here.

Enter the supplier whose file you want, and the latest copy we have will be shown there, which you can automatically import. This will save you time instead of manually entering the details. You can automatically get the required stock details.

The big plus for you using these files is that these stock files have been independently tested.

We are committed to providing our clients the best possible service and support. These supplier category files are a valuable resource for optimising their operations. So please take advantage of this opportunity and start exploring our website now. With our user-friendly interface and extensive range of products, we are confident you will find something you need to grow your business.

 

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5 Reasons for importing Supplier Data from your suppliers

POS SOFTWARE

Correct information at the right time can mean the difference between success and failure in retail. This is commonly significant in the administration of stock. Here is a current list of stock imports available for you to import now. We are continuously updating here this list. If you need some more suppliers added, let us know.

Here are the benefits of importing your data from your suppliers.

Accurate and Up-to-Date Inventory Data

The most significant benefit of importing data from suppliers is that it gives retailers access to the latest, most up-to-date information. 

Operational Efficiencies

Importing data from suppliers increases operational efficiencies. When retailers import data into their POS system, it is much quicker to enter stock information than manually entering it. Only some want to enter long product descriptions, so most use abbreviations when entering their data. This often results in a receipt or invoice, in which the customer often needs an explanation of what the item is. With us, the retailer can use ChatGPT to expand and import these descriptions into their POS system, but this has problems and can be messy and can be unreliable.

Stronger Relationships with Suppliers

When you have more information on your stock, it is easier for you to collaborate and communicate with your suppliers about their products. In particular, the same product codes will increase the efficiency of your supply chains.

Improved Product Information

Your pricing information is up-to-date. Cost and prices change regularly today. This makes it hard to keep your pricing information up-to-date. With electronic, it is much quicker and better.

Data accuracy

When importing suppliers' data, retailers depend on the supplier data being right. If the suppliers' systems contain incorrect information, well, by importing, you bring those issues into your system. 

To avoid this, retailers should encourage their suppliers to import stock data in an industry-acceptable format. A copy of our marketplace's most popular data import specifications is here. If your supplier does not have a data file import, suggest this format to them.

 

Summary

> Faster and easier to import

> Accurate and up-to-date inventory data

> Operational efficiencies in entering stock information into POS systems

> Stronger relationships with suppliers through better collaboration and communication

> Improved product information and up-to-date pricing information

>Please encourage suppliers to use industry-acceptable format for data imports

 

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