A retail point-of-sale (POS) system does more than simply ring up purchases. Today’s POS technology is equipped with additional features that give retailers complete insight into and control over their business. Each time someone uses your POS, it collects data. It then summarizes that data in reports so you can see where your challenges and…
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Inventory Shrinkage: Definition, Causes & How to Prevent It
What Is Inventory Shrinkage? Inventory shrinkage is recorded when a product’s listed quantity-on-hand exceeds the actual physical count. The difference between these two amounts is referred to as “shrink.” In a retail setting, this is sometimes called retail shrink; and in a warehouse or manufacturing business, it’s generally reported as inventory shrinkage. Either way, it…
Amazon Seller Fees: Cost of Selling on Amazon in 2020
Amazon seller fees include account fees and product fees. Account fees range from $0 to $39.99 per month, and product fees range from 6% to 20% of the product’s selling price, with the average seller paying 15%. You’ll also need to fulfill and ship your order, the cost for which will vary widely depending on…
Using Demand Forecasting to Grow Your Retail Business
There are a lot of ways small businesses can stay competitive, and it can be a lot simpler than you think. For some, it just comes down to demand forecasting. In fact, Amazon earns 24% of its North America retail revenue because local stores can’t forecast accurately. And retail technology has made accurate demand forecasting…
FedEx vs UPS vs USPS: Shipping Rate & Reliability Comparison
Many small businesses rely on shipping companies to deliver products. When comparing FedEx vs UPS vs USPS, you should consider cost, speed, and service. Each is reliable, ships affordably if your package doesn’t need to arrive quickly, and you can pay more for speed. Most small packages ship for less than $20 with each carrier….
8 Ways to Optimize Marketing With a Retail POS System
Retail marketing is when you promote your store and products to make a sale. You’ve likely already engaged in tactics to get customers interested in your store and then your products. To make retail marketing more effective, it’s important to take a data-driven approach. And, as a small business, a lot of data resides in…
5 Best Ecommerce Platforms for 2020
Businesses use ecommerce platforms to create online stores with products and shopping carts. In addition to creating digital storefronts, ecommerce software also has inventory and order management tools to fulfill customer orders. The best ecommerce platforms integrate with POS systems for in-person sales and online marketplaces like Amazon, with starting prices under $100 per month….
Best Mobile Credit Card Processing for 2020
Mobile credit card processing allows merchants to sell products and accept card payments from almost anywhere with a smartphone or tablet. The best mobile credit card processor should be reliable, have affordable transaction fees, come with a free business management app, and function offline. Not sure which credit card processor is right for you? Take…
How To Set up a Free Square Online Store
Square Online offers a free ecommerce website for retailers, restaurants, service businesses, and nonprofits. Any seller, from mobile businesses to multi-store operations, can easily open a Square Online store, list products for sale, process payments, and deliver orders via traditional shipping methods, curbside pickup, or local delivery. Best of all, the data from your online…
Retail Inventory Management: Definition & Best Practices
Retail inventory management is stocking products that buyers want, using pricing and promotions to sell profitably, and maintaining inventory at levels that meet demand without over-purchasing. An overall inventory management plan guides how this all gets done, from intelligent purchasing and pricing to procedures covering receiving, inventory counts, and location tracking. In today’s data-driven economy,…
POP vs POS: What’s the Difference?
POP and POS are two important transactional elements of every retail store. While the point-of-purchase is the point at which a shopper decides to buy an item, the point-of-sale is where they actually pay for that item. POP displays promote products and build awareness, while the POS system serves a virtual command center that can…
6 Best iPad POS Systems 2020
A point-of-sale (POS) system is the brains of any retail, restaurant, or salon business. It’s what you use to accept payments, track inventory, and fulfill orders—just to name a few features. iPad POS systems have the additional advantage of being lightweight and cloud-based, so you can synchronize multiple devices, and manage your system from any…