Gross margin is the retail cost, minus the wholesale or direct costs of a product or service. Expressed in percentage terms, gross margin represent profits as a percentage of revenues (excluding indirect costs like rent). Markup is the amount charged for a product or service over the wholesale or direct costs. If you just need…
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Visual Merchandising: How to Display Products In Your Store
All types of retail stores benefit from effective visual merchandising. Whether you’re creating a 3D in-store display to showcase the latest trends or using signage to highlight your services top features, these methods of visual merchandising can catch a customer’s eye, inform them of a new product, and ultimately, increase sales. What is Visual Merchandising?…
How to Create a Loyalty Program for Your Business
Over half of American customers join new loyalty rewards programs each year, according to Colloquy. Additionally, about half agree that they spend more after joining than they did before, according to another survey from Bond Brand Loyalty. This shows how customers are openly seeking loyalty rewards programs AND are willing to spend more once they join….
How to Manage Inventory Using Lightspeed POS
The power of a modern POS system comes from its inventory management capabilities. Harnessing those capabilities to manage inventory will save you tons of time and allow you to update your product count automatically in real time, automate purchase orders, dramatically reduce inventory shrink, increase sales efficiency and more. In this article, I’ll show you…
How to Plan a Successful Grand Opening
A successful grand opening evokes excitement and curiosity and is a great opportunity to showcase your business to potential customers and network with local businesses. In this guide, we cover everything you need to know about planning your grand opening, from budgeting to promotion, invitations and more. Step 1: Set Your Goals Create Awareness. The…