According to Facebook, 60 million businesses have pages. Does your retail business have a Facebook page? If not, you should. The path to increasing sales is to make sure people know about your products, right? Where can you find those who might be interested in your products? Look for where all the eyeballs are staring—Facebook.
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Profitable retailers are constantly looking at their profit margins because they know it’s key to staying competitive, and most importantly, staying in business. These numbers are more than just metrics, they answer some critical questions about pricing. Are you priced too high, too low, or just right? Where is your sweet spot? Profit margins are
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It can be a big let down, frustration, or even deterrent to customers when they find out you are a cash-only business, especially if they want to buy something with no cash on hand. While it’s standard practice to accept electronic payment these days, perhaps your business is considered high-risk, which is the reason why
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If you own a restaurant or a retail store that sells more than a few items, you need a Point-of-Sale (POS) system with great inventory management software. Tracking your stock manually on a piece of paper or in an excel spreadsheet is tedious, time-consuming, and leaves you open for human error leading to loss of
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Think you can’t sell? Think again. With the right training and some practice, anyone can become a selling machine. Stop hiding behind your Point-of-Sale (POS) System and get out on the sales floor. The tips below can really help you and your sales team soar. Step 1: Listen Listening is a learned behavior. It takes
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Competition in the retail industry is fiercer than ever with online shopping and subscription services; consumers have many ways to spend money. That’s why it’s important that if you primarily make your profit from in-store sales, you plan on being creative when it comes to in-store experiences. Why would someone what to come in your
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It’s one of the biggest decisions you will make in your business—choosing a cash register or Point-of-Sale (POS) system. It’s certainly not an easy choice for a start-up, but in the long run it could be the technology that really helps to build your business whether it’s in the restaurant or retail space. Cash Register
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The gift card industry is projected to increase to more than $400 billion in 2019, with a 10% average annual growth rate. That means by 2025 the gift card industry will surpass $700 billion. As a business owner, this may be something you want to keep an eye on. If you haven’t, already, you may
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Business owners face a number of important decisions, one of them being pricing. A great pricing strategy helps you determine the price point where you can maximize profits. When setting retail prices, consider production and distribution costs, competition costs, positioning strategies and the ideal customer or current customer base. It’s a lot to think about
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According to the latest National Retail Federation survey, American retailers lose almost $50 billion annually to theft. Shoplifting accounts for 36.5%, or most of those losses. If you understand the factors that lead to the shoplifting epidemic, it will help you determine effective measures, recognize points of intervention, understand seasonal patterns, and select an appropriate set of
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