It seems as if one minute you’re on the beach in the June sunshine, and the next thing you know it’s November, with the busy Christmas season right around the corner. That feeling is disconcerting enough in your non-work life but positively scary if you own a retail operation. That’s because your success in that crucial time between Thanksgiving and Christmas depends on being well-prepared. Fortunately, the sales technology you probably already have in place can prove to be a lifesaver in getting you ready for the holiday rush.
1. Get a jump on marketing.
How is this even possible? The answer likely lies in the software and hardware you already use to process your customers’ in-person and remote payments. That’s because the benefits of a modern POS system are numerous. This solution can not only be a retail payment processing workhorse, it can also streamline your entire suite of business operations.
That includes your ability to spread the word about the products and services you have to offer. If your POS system is equipped to record each purchase. as well as details about every customer that bought your merchandise, you can tap into a gold mine of data that will make it exponentially easier to target your advertising. People respond most positively when they believe you understand them as individuals and show how your merchandise can meet their unique needs.
Make an action plan focusing on your POS system’s marketing capabilities. Stock its built-in database with information your customers volunteer to provide thanks to the promotions, newsletters, and other incentives you offer. Then launch and maintain social media pages on the sites your buyers most often frequent, regularly stocking them with product updates, interviews, demos, customer interactions, and any other content that will stimulate dialogue and encourage sales and referrals.
2. Use more than a crystal ball to craft intelligent inventory decisions.
You might think that you have no idea what new and existing customers will want to buy from your store in December. However, you couldn’t be more wrong. As a matter of fact, your POS solution is likely jam-packed with all the details you need to transform choosing your stock from a guessing game into an exercise in the use of analytics-based data.
With the aid of barcode scanners and POS software, you can track all sorts of data about every piece of merchandise in your warehouse. It can be set up to tell you who bought what, when, at what time of day, and even which of your employees made the sale. Best of all, you don’t have to dig through drawers overflowing with receipts to accomplish the task. The reporting function on today’s POS systems gives you the ability to not only store specific data but to also crunch those numbers in a myriad of ways.
With the right POS system in place as an active member of your business team, you can do the following.
- Keep track of stock counts in real time.
- Determine your best and worst-selling items.
- Get alerts when items are running low in plenty of time to re-order before they totally fly off the shelves.
- Look at last year’s holiday sales data to determine what marketing and store layout strategies worked and which could use some improvement.
Gathering these details well in advance of your busy season will give you the time and information you need to craft a seasonal marketing and inventory strategy built for success.
3. Turn employees into success partners.
As an entrepreneur, you already understand what a valuable asset your staff can be. After all, they are the human face of your business. When they are happy and operating on all cylinders with everything they need to thrive, your business will bask in the positive effects.
Once again, your POS system likely holds many of the keys that can help you to optimize the performance and morale of your associates. The system can be used to streamline employee scheduling and time records. People are much more content when they know when and where they are expected to be. Your POS system can also make vacation setting and shift management a breeze. Even if changes need to be made at the last minute, as often happens during busy times of the year, modern POS systems have you covered.
Additionally, today’s systems log the productivity of each associate. With just a few clicks, you can learn who your best and worst-performing employees are so that you can provide rewards, feedback, and any necessary training. You can also use this data to capitalize on workers’ strengths while shifting responsibilities to compensate for a lack of proficiency.
The holiday rush will be upon you before you know it, but the good news is that your POS system likely has all the tools you will need to rise above your competition this and every year. If you have questions about your system or believe you might need an upgrade, don’t wait another day. Talk to your merchant account provider or payment processor right away to lay the groundwork for maximum results in the latter part of 2022.
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