As any retailer knows, getting your product safely to the customer is vital for fostering trust and loyalty. At the same time, going overboard on shipping supplies will lead to heightened materials and shipping costs, which deter shoppers and cut into your bottom line. The challenge of packaging is to find the most secure, cost-effective…
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How to Organize Inventory for Small Businesses in 8 Steps
Inventory management is the process of having the right products, in the right quantities, at the right time to sell to customers. Accurately managing inventory can increase revenue by preventing stockouts, overstock, and unsold products. When learning how to organize inventory for small businesses, the easiest solution is to use a software program to automate…
Inventory Shrinkage: Definition, Causes & How to Prevent It
Inventory shrinkage is the difference between a product’s recorded stock count and the amount physically on hand. The difference between these two amounts is referred to as “shrink.” In a retail setting, this is sometimes called retail shrink. Either way, it means the same thing—you’re missing inventory you thought you had. Shrink or lost stock…
Gross Margin & Price Markup Calculator: How to Price Retail Items
Gross margin and price markup are two of the most important metrics for measuring your profit in retail. Your gross margin refers to your business’s net revenue minus the cost of goods sold. Whereas your price markup is the difference between the selling cost and wholesale or production cost of your merchandise. Our calculators will…
What is Demand Forecasting? Strategies and Examples
Demand forecasting is a type of predictive analytics that helps you anticipate your upcoming consumer demand so that you can make better supply chain, management, and budgeting decisions. This can look like anything from setting aside a few units of new arrivals for your regular customers to performing an in-depth analysis to help inform your…
What Is a Shopper Profile: 8 Types of Shoppers
A shopper profile is a description of a customer or set of customers. It usually describes a business’ target or ideal customer and can include demographic and geographic information as well as interests and purchasing patterns. Essentially, everyone shops differently and thus has different shopper profiles. Maybe your customers enjoy browsing slowly or perhaps they…
How to Market Products In-Store and Online in 6 Steps
Product marketing is the process of introducing and selling your goods to customers. It includes determining who your product is right for, finding the right pathways to get it to them, creating an appealing message, and continuing to use insights and smart planning to propel your product forward. Here are six steps to get your…
11 Customer Loyalty Program Ideas and Examples
Customers have no shortage of options when shopping in-store and online, and keeping customers loyal to your store is no easy task. Customer loyalty programs that incentivize engagement and loyalty with your business are important to your bottom line. You can implement your customer loyalty program manually; however, we recommend using customer loyalty software to…
How to Budget a Retail Business in 6 Steps
Creating and sticking to a retail budget are imperative to the success of your store. An organized retail budget will help you predict sales fluctuations, set buying budgets and quantities, understand costs, and prevent overspending. Be prepared for the unexpected that can change or adjust your budget. Trial and error are a part of the…
How to Create a Customer Loyalty Program in 6 Steps
A customer loyalty program is a customer-facing marketing strategy designed to create incentives for people to continue to choose and engage with your store, ultimately creating brand loyalty. To create a loyalty program, first choose a structure that aligns with your business needs. Then, brand your program and create a marketing strategy for it, train…
9 Best Customer Loyalty Program Software of 2021
Although you can create and manage a loyalty program yourself to encourage customer retention and drive sales, good customer loyalty programs help streamline your operations. The best loyalty program software also provides automation features and unique loyalty elements. We looked at dozens of available programs to select the nine best loyalty program software for 2021:…
10 Smart Pop-Up Shop Ideas for Retailers in 2021
Pop-up shops are an increasingly important and prevalent retail strategy that provide unique opportunities to drive sales and brand awareness. They are an experiential marketing strategy that can act as an extension of your physical store, provide customers a chance to interact with your online brand, or launch an exclusive product feature. Here, we will…