Is Your Retail Business Ready for the Holidays?
Holiday sales in 2016 are expected to increase 3.6% to 655.8 billion, which is higher than last year’s 3% or 626.1 billion. That’s according to the National Retail Federation. They also predict that non-store sales will increase between 7-10 percent to as much as $117 billion.
What does that mean for your business? That means get ready for possibly more holiday sales that 2015! Here are some ways you can prepare with your point-of-sale (POS) system.
Establish A Baseline Trend
Use your POS to pull up your year-to-date sales volume and compare it to last year. It’s important to establish a baseline for the current year’s performance compared to last. Are you up or down? Will that trend continue to the end of the year? Establishing a baseline forecast will help you understand your goals for the holiday season.
Review Last Year’s Holiday Sales
Analyze last year’s sales and revenue with your POS. Create a holiday baseline forecast by applying the same yearly trend you’re experiencing this year to last year’s sales. Creating a proper forecast is important for knowing the amount of inventory you’ll need and the staff you’ll need to sell it.
Know Your Top Selling Products
Use your POS to pull reports of your top selling items from last year. Analyzing this data will help you make a pretty good guess on what and how much inventory to order this year. By understanding and forecasting, you can order the right amount of inventory to meet the holiday shopping demand.
Track Employee Productivity
A POS system, like Bepoz’s, can track employee sales and analyze your top performers. Consider an employee contest and reward those who sell the most. A nice cash prize is a great incentive for the top sales man or woman. Plus, it helps you maximize your profits.
Know Your Customers
What do you customers buy this time of year? Analyze and understand last year’s customer’s by checking the data in your POS. Identify your most loyal customers and email them a promotion specific to their spending habits.
By implementing some of these ideas with your POS system, you’re sure to maximize your holiday profits. Call Bepoz for more details about upgrading to a quality POS system.