Stock Sales

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Stock Sales

The years 10 busiest shopping days are here

POS SOFTWARE

Studies in the US  which I believe are valid here show that 45% of all shopping traffic in bricks-and-mortar shops in the Christmas season occurs on the following ten days. 

  1. Friday, November 23 – Black Friday (Today - Less important then in the US but rapidly growing)
  2. Saturday, November 24
  3. Saturday, December 1
  4. Saturday, December 8
  5. Saturday, December 15
  6. Friday, December 21
  7. Saturday, December 22 – Super Saturday
  8. Sunday, December 23
  9. Wednesday, December 26
  10. Saturday, December 29

Peak shopper times are between 2:00 p.m. and 4:00 p.m.

 

Looking at the list, it seems like a lot of Saturday work coming up.

These days are the ones that you need to plan and have your rosters, stock and signage right.

Warning

It is also a good idea to have someone special doing security on those days too; I am a great believer in the theory that much of the security problems in retail can be solved by having grandmother greet everyone personally that comes into the shop.

 

 

 

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Stock Performance Reporting by supplier

POS SOFTWARE

It is said that "The devil is in the detail."

In retail, its the item that sells not the category or the department! 

A supplier rep is coming to see you, no doubt they are a friendly person. They have been briefed, they have an excellent overview of the market for their product, the odds are they know how their stock is moving in your store better then you do and they know your shops potential for their product better than you but they also have an agenda to get you to sell more of their product.

So what you need to be is briefed too and with a point of sale software, you can and should be able to look at this supplier's range in your shop and see exactly to the item level what is selling. How fast their items are selling? Which items are making the money?  So you can determine which of their items are worth investing.

Your stock performance report helps to answer such questions. 

What I will do here is take you through a review on one such report and what you can learn from this report.

Go to register reports>Suppliers>Suppliers sales trend, see the arrow in green

 

Supplier sales trend menu

There are the ad-hoc, excel and OpenOffice import which please ignore for the time being although I do suggest later using it to produce summary reports.

Now the options, I picked are here.

Supplier trend options

I picked an arbitrary supplier FAS. Again ignore the extra options for now and press view report. 

Supplier sales trend report

Here’s how it goes:

Look at the arrow in red, you have 19 of this item now, but you never sell any of these items. It is a worry.

Conversely look at the item in blue, you have none in the shop, and you have sold heaps of these items, what gives here?

Now in green what you will see is that one of the stock items is in negative. This is not a good sign as it shows your stock quantities are not entirely right. 

It all comes down to this

By looking at these items in detail, you can see which items are selling well. You can bring up this with the rep as you now have a clearer idea of what you need and what to order. 

 

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Make an event - marketing tip

POS SOFTWARE

Cosmopolitan magazine

I was stunned when I was informed today that Bauer Media is cutting Cosmopolitan Australia in December, as commercially it is no longer viable. In the process another eleven jobs have are gone, and another restructuring and centralisation are underway.

This magazine was an icon, and many will have many good memories of this product so why not make an event if you sell a product like this to get people to come into the store for an impulsive purchase of the last couple of editions.  While supplies last, the final edition, get your copy... collector's item (which I am sure it will be) ... 

Maybe when they come into the shop to buy this product, they will buy more too? All you need to try it is a small sign on the window to make an event.

 

 

 

 

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Stock know your 1%

POS SOFTWARE

There is a rule that seems to show up all the time that 1% of the population participate, 9% occasionally participate and the other 90%  do nothing. It is called the 1% rule although a lot of people call it the 90/10 rule. 

We see something like this is stock.

Here is a graph of a reasonable size shop with sales in order of the top selling items to the worst selling items based on retail turnover.

Top selling stock lines in ranking order

The shop sold in a year exactly 20,060 different stock lines.

Here are some figures, slightly less then 1% actually the top 220 stock lines did 50% of shop sales. But it does down further out of the top 220 stock lines, the top 10 stock lines did about 33% of the shop sales and the top two lines did just over 15% of the shops' trade.

When I first saw this, it hit me like a brick

I think you would have to admit that this is quite amazing. Now what the retailer should do is concentrate most of there efforts on the items that are really making the money.

Now let us find your top 1% stock lines.

Go to register reports and select the top stock report as marked with the red arrow here

You will get this screen

Now select your criteria, note there is also a tab called "More Criteria" which has more options plus the traffic (which is people in the shop) option but we will discuss that later.

I do suggest that you do this by overall shop sales and then research in depth for each department.

Here I used the stationery department. In red, I put in 32000 to make sure I get everything and as I like to get a long-term view, I selected a whole year as small periods can have major fluctuations.

Then you will get a report with all the figures.

It’s that simple

It can be done in less than a minute.

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Scan rate in retail

POS SOFTWARE

The more you are scanning on your POS system the better.

Consider this

Typically a person working a cash register manually entering each transaction makes one mistake for every 300 characters typed. It is not surprising as working a point-of-sale terminal is often extremely hectic. Plus for many cash register operators by the end of the day, they get tired of answering questions,  processing transactions counting cash and giving change. Mistakes go up. The time to process an item, count money and issue change are all measured in seconds.

Consider an automated the point-of-sale process.

A POS barcode reader is recorded giving about one error for every 394,000 to 100.5 million characters scanned.

Scanning an item with a barcode reader takes a fraction of a second. 

At this point you realise

A POS system is much more efficient and faster.  This translates to customers being serviced much faster and better.

How to solve it

So what I suggest you do is look at your scan rate. It is consider to be one of the most important retail KPIs in retailing today.

This KPI tells you where you are scanning and the more you are scanning the faster and more efficient you are on your point of sale counter.

To get this KPI, please go to cash register reports

Then go to sales

 

 

Once there select

Dissection Sales / Profitability for a Given Period.

Now run the report with a year of data.

What you will see is a column with %Scan, the higher the better. Now if you look through this list, the problem department is marked with a green arrow.

 What have you got to lose by acting on this?

 

 

 

 

 

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Stock that is not performing

POS SOFTWARE

Do you have some slow-moving stock items?

Maybe you can cut back on their space to make more room for your profitable products?

I suggest that we do this in two stages. 

To begin with

Firstly let us find the items that are the slow movers

Go to Register reports > Stock > Slow moving Stock lines

 

Now call it up here

As you can see I am looking at the stationery department over a twelve month period for anything that I have sold less than $100 and am now stocking something.

Now out pops a report in this case of 81 pages of detailed information of all the items that match this condition in this case, we have almost $80,000 worth of worthless stock.

Now check them out, pull out what you do not want to keep and put in your sales area.

Once you’ve got this done

I suggest that you do a report of your top selling stock items and at those items that are selling well. A rule of thumb in retail is double the space of an item increases its sales by 50%. So the idea here is we are going to replace the marginal items with those that sell well.

Go to Register reports

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

Now the following comes up.

Now put an appropriate period the default here of a day is not enough for this but I just wanted a quick report for illustration.

Out comes a report with the top sellers

Now, these products need to be checked that you have the right display for each of these products.

Note anything, not on this list you also need to look at as they are marginal..

The bottom line is this

You do not want to pay to a landlord for the space to stock items that do not sell.

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Father's day traffic

POS SOFTWARE

Today a few people asked me about Father's Day traffic from their point of sale software. 

Let’s look at it in detail:

Overall interest by the public in growing fast and Father's Day now, measured by Google Searches it is now comparable to Mothers Day  

{Image removed]

Ten years ago, in 2008 Mothers Day interest was listed in Google Trend at 51% and Father's Day was 2%, today in 2018 Mothers Day interest was 100% and Father's Day is 77%. The days when Dad only got some barley sugar is long gone. Now typically, he gets some outing, a party and some present.

Talking to a few of my clients they range in how much its worth, but most did report something.

So check this out:

Now if you want to know how busy you were going to Traffic analysis which you will find in register reports > Sales.

Now I am going to keep this simple although there are a few reports for you to look at 
 

The one I would like you to select is "Traffic Analysis by Trading Hour."

Now for Father's Day put in dates for this week.

Out will pop a report like this one showing how busy the shop was by sales per hour.

It is colour coded for ease of use.

This is available to all our clients.

Now some of you have a traffic counter integrated into our system. This is quite unique to us. What this does is count the number of people that came into the shop.

Now if you selected traffic to see red arrow, I would get a similar report to the above but based on people in the shop. This will tell you how many people came into your shop.

 

 

Putting it together

If you do not have a counter, you will need to use feel, which although not as good should give you an idea.

Now four scenarios need investigating traffic.

High traffic plus High sales  This is to be expected

Low traffic plus Low sales  This is to be expected, something has to change in what you are doing, you need more people coming for Father's Day.

High traffic plus Low sales  This is an indication that you do not have the right products for your customers. Did you have the right mix for Father's Day?

Low traffic plus High sales  Generally this means that people know what they want. If the traffic was low on Father's Day, people looking Father's Day did not come, what you got was regulars. This is often seen in bad weather which is what we had in Melbourne on that day.

Learn more

If you want to learn more about this, then please click here.

 

 

what is the report to run to pick up father's day sales for categroised products? eg cards

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BUSINESS REPORTS WITH POINT OF SALE SOFTWARE

What point that often I find stunning is the comparison of when I talk to the chiefs in large organisations compared to owners of small businesses (SMB). The leaders know less, much less but what they do know is relevant and essential to the problem at hand. The owner of an SMB, often does not know anything. The owner has all the details in their head, the pixels that they know little of the big picture.

I do not believe that retail business has ever had access to such a wealth of information as they do today.

A conversation might start, what is your top seller? The owner often gives a blank stare, well we sell a lot of this and that what is the top seller, it could be.... Yet the information is available in their POS system here.

Register sales report point of sale

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Newsink offer

POS SOFTWARE

Newsink is the original and probably the lowest cost Newsagency promotion group inkjet cartridges and associated IT products. Their aim is to make your newsagency, the destination store for these products.

Recently two of their members made a TV commercial. It will be shown on local TV.

[youtube]PJIMtfegE0A[/youtube]

For more information contact:

Neil Chandler
NEWSink PTY LTD
M: 0417340817
P: +61 3 9879 4319
F: +61 3 9870 3552