Assortment of the merchandise gets complex with various attributes and hierarchy, to track and trace these merchandise , the Tag tracking system comes into place . It captures all details of Brand, color ,size , design . Merchandise with all these data may the same price or different price. It has to noted that purchase would on and stocks inward would be done on a regular basis, which needs to be taken into account.
With Tag tracking everything is taken care of. Every merchandise purchased has a new Tag number generated. This Tag number is Alpha Numeric and is mapped to the date of purchase , Supplier , cost , selling price , and details like brand , size etc .
The proper assortment of merchandise is a key success factor for sales .Merchandize can be created with various attributes and hierarchy .Each Merchandize can have multiple variants like – Brand, Color, size, design and gender, allowing you create various permutations and combinations.
To monitor stock and identify slow moving inventory or that is not converting, stock ageing analysis reports are made. The most common stock ageing analysis involve determining the age of product on the basis of data of purchase and particular date i.e. today’s date or any other date.
Tag Tracking does it all for in a few seconds . Each Tag number is generated based on the date of purchase made and it’s easier to identify this number as they are printed on the barcode. The retail can get a clear picture of the stock be just looking at the Tag number printed on the barcode , rather than going though the reports in the software.
The dirty secret of Appear industry in the subcontinent, is that every retail has to be associated and depend on an Agent, who in turn will coordinate his purchase from the vendors in respective market places. Its rudimentary for the POS system to have a detailed tracking of the Agent in respective market places and the commission that is paid to them.
You can create Agents with all details like their place of operation , Vendors they are associates with , the commissions that has to paid to them . All these will in turn linked to the purchase made be the retail .
As most of the merchandize are transported from the vendor to various parts of the country , tracking the L.R , is an important feature that every apparel and Textile Retailer POS system needs to have , the L.R tracking would help them to keep track of what merchandize the vendors have sent , and through different transport .
The L.R tracking engine not only allows you to maintain details of the transporter, fright payments , but details who has received the merchandize and the number of packages of that respective L.R.
Salesman management is vital part of any business. In apparel and textiles , salesman has to be given various slabs of incentives to make them give an extra push to sell .
Unlike any other retail , where salesman commission is a percentage of your profit or it’s a flat amount that is fixed , Apparel and Textiles needs to have more complex yet easy to fix and monitor. Commissions can be fixed based on merchandize, as there can be various merchandize sold by different salesman . Additional incentives can be fixed for aging and non moving stocks .
Hourly sales reports can suggest which category merchandize, sells more at a particular time and salesman can be shifted to these particular counters .
Having a successful retail business depends greatly on offering the right product, at the right price, at the right time. To have a clear understanding of the stock position, which is moving fast, the slow moving, dead stock, the Matrix sales statistics does it all.
Each report is unique, it gives you comprehensive details of the stock purchased from the respective vendor for a period, the sale pertaining to that purchase and the stock on the shelf. Analyzing these reports will give you insights of what stock to keep, what to purchase and what to do away, and thus keep you store in good health.
Running promos isn’t as simple as slashing prices or putting up a “SALE” sign on your window. To get the most out of them, you need to consider the period, time, type of promotions to offer as well as how to execute them. Listed below are a couple promotions
Discount – Percentage or Flat amount
Discount in terms of Percentage or Flat amount on the bill value of a particular amount . ( 10 % on bill value of 3000/- Rs ) . This can be fixed for a period , or specific days in a week , or time ( Happy Hours )
Buy one get one ( BOGO) free . This can be applied in many ways – Buy 2 and get the 3rd one free . The lowest price is taken as free . Buy 2 and get X% off . Buy X and get Y free .
Discount on Tag numbers
Discount can be applied on specific tag numbers of the merchandise. The discount can be applied till stocks are available.
Integrated Accounts as the name suggests is an integral part of retail solutions . Some of the features listed below are part of our integrated accounts
• Accounts is integrated with other modules (sales, purchase) for smooth operations
• Multi-level chart of accounts with general ledger, sub-ledger and cost center
• Stores petty expense tracking
• Authorizations for transactions
• Post-dated cheque tracking and cheque printing
• Complete reporting – Trial Balance , Balance sheet , P & L
Returns is an open secret of Apparel and Textile retail , these can be due to various reasons like fitting , color etc . Returns can be manages through proper an efficient sales return , and generating a credit note . The customer can produce the credit note at the time of billing , which in return can be reduced .
By using the above said process , the merchandize is reflected in stocks and the payments are reflected in the account statement , making the operation fool proof .
The federal structure of India has resulted in indirect taxes being administered by both Centre and State. Dual GST has been chosen as the apt model wherein tax would be jointly levied by both Centre and the states on supply of goods and services. On intrastate transactions CGST + SGST will be applicable and on interstate transactions & Imports, IGST will be applicable.
In the GST regime, there will now be 3 compliance events every month – wherein businesses will need to comply with the requirements of filing Form GSTR-1, Form GSTR-2 and Form GSTR-3, with specific details.
Loyalty Program is a, readily available for retailers to implement their own in-house Frequent Shopper Loyalty Points Systems quickly and efficiently. A superb marketing tool giving benefits and rewards to both the retailer and their customers, enticing them back to frequent the stores and earn more rewards as they make more purchases. A few basic rules that you could fix is listed below :
Set your own exchange rate per redemption point
Option to disable points for products that are already on sale
SMS broadcasting of Loyalty Points to your customer
Role based users can be created be created which in turn are linked to well defined groups are created based on hierarchy and departments. Access can be limited to features , screens and functions keys. Some of the common Groups are – Billing , Merchandisers Accounts , Store Manager , CEO , IT and the list can go on . Hence only Authorized persons can access sensitive areas with password protection . The password and access of an employee can be changed as and when required by the Administrator .
The advantage of this approach is , by changing the permission of a particular group it will effect all the users linked to that particular Group.
Some of the User defined Access :
- Bill Void / cancel
- Clear Screen
- Goods Return and Refund
- Price Editing
- Price Editing
Auto pricing – Sales
Customer type of pricing can be give to different types of customer , which can be classified into different groups like , high value customer , corporate customer ,credit customer , Relatives , Employees , Sodexo customers . Different types of pricing can be fixed for these groups, which in turn can be mapped to each customer.
Credit and Sodexo customers can be billed at MRP of all the products, where as the Employees of the store will get the best prices for all the products. There can be Cap on the purchase value of the Employees, to protect the interest of the Store
Auto Pricing Purchase:
Most retailer have a fixed markup value that they apply to different products. By doing so , they don’t have to price separately . For most retailers, this would time consuming in way that makes it unfeasible and that’s why mark up pricing technique is so popular
Markup Pricing: The markup on cost can be calculated by adding a preset, often industry standard, profit margin percentage to the cost of the merchandise. This percentage can be fixed from the basic cost or the net cost. The markup can be a single percentage for all the merchandise supplied from a Vendor or multiple percentage for multiple merchandise .
A Retail Flash Card is a performance tool to visualize and report all important retail KPIs in one central interface and turn this collected data into actionable insights. You can use the retail dashboard templates above to identify customer’s patterns and adapt your strategies appropriately.
Once you have insights of each departments , it would help him make smart purchases and payment commitments to vendors
How can you attract more customers, connect with them, and keep them coming back, all while operating on a tight budget?
The solution is simple: text message marketing. By sending mobile coupons, text alerts, and SMS sweepstakes, you can increase customer loyalty, drive customer traffic on demand, and bring in more revenue.
Retail businesses are in a great position to benefit from text message marketing. Customer loyalty programs, Promotions ,Discounts ,Birthday wishes , Anniversary wishes and so on .