Offer your loyal customers flexible payment terms.

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It is common knowledge that offering your customers different methods of payment for their purchases is good trading practice. As retail has evolved over the years many new payment methods have arrived and customers look for flexibility in the way they shop. Retailers have to offer flexible, fair and innovative payment methods to their customers to match their expectations. By offering the right payment methods to customers, stores can remain competitive and attract new customers. Common traditional payment methods a store uses are credit cards, cash, gift cards and so on. There is another payment method that is widely used and very appealing to customers – the Sale on credit, or the layaway. With credit allowance, your customers can pay ... Read More

Tax management made easy with Posterita.

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Retailers often face the problem of managing their tax rates on their products correctly. It is hard to keep track of all the individual tax rates they need to set for their products. Every state has its own tax regulation and there are over six different categories for commonly sold retail items. With these multiple tax rates, tax management can somewhat prove to be a challenge as retailers need to know when, where and what tax rate to use. The most common reason why tax rates differ is because retailers sell products assigned to different tax categories. Think about high taxes for luxury goods, or items that are tax exempt. On top of this many retailers own stores in different ... Read More

Bundling Made Easy with Posterita

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There are many benefits to bundling products. If you're not already doing so, you should strongly consider bundling. Selling the right products together provides many benefits such as increasing sales margins and sales unit volume, introducing customers to new products, moving less popular items with popular items, and exposing your goods to potential new customers. From the customer side they may get items at a lower price or the novelty of trying new products. Overall bundling creates a win- win scenario for both you and your customers. From an operations perspective however, selling and tracking product bundles in your point of sale (POS) system can be a real drag. If your system isn’t optimized for creating product bundles it could ... Read More

Successful Inventory Management Plays a Key Role for Success in Retail

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If you ask a retailer what the most challenging part of managing their business is—9 times out of 10 they will probably say inventory management. This is because inventory management encompasses many things that affect many different parts of the retailer’s business--from warehouse management and on-shelf availability to loss prevention and inventory counts. It only gets more complicated as a retailer adds more product SKUs to keep track of, or the retailer adds locations. Managing inventory must be at the top of every retailer’s list of management priorities because it directly affects the retailer’s bottom line. Inventory shortages result in lost sales and lower customer loyalty, while too much inventory results in a higher increase in ‘Cost to Serve’. This ... Read More