The Value of Customer Loyalty
It’s an established fact that a repeat client improves profitability significantly. Repeat customers tend to spend more and cost less per sale than a new client. This is why it’s critical for any retail operation to construct a relationship with their clients.
The better your relationship with your customer and the more they enjoy their experience on your shop, the more money they’ll spend with you and the more people they will recommend your shop to. To put it differently, you win on two fronts, namely increased earnings in addition to free word-of-mouth advertising that’s the very best sort of advertising in life.
Utilizing POS Software to Understand Client Behaviour
Knowing your customers and their buying habits is crucial to improving customer loyalty. The more you know about your client, the more you will have the ability to produce offers based on their buying habits. This not only increases the odds of them making a purchase but in addition, it increases their loyalty towards you as you make them feel special and significant by customising an offer especially for them. You would be surprised how such a small thing could have a enormous effect.
Very good POS software will let you collect data about your customers, including what purchases they made and when they created them. The simplest method for you to collect this data would be to use branded loyalty cards. Whenever they use their card they’ll be rewarded and you’ll know just who bought what and when. Additionally, when applying for the card, they will need to enter their personal details, letting you reach them via email with many offers and other incentives to bring them back to a shop.
And everybody loves getting something for nothing, even if it’s just their understanding, and that’s the reason you won’t have a problem convincing people to sign up for your loyalty program. However, you will need to be certain customers are rewarded and it does not take forever for them to get those rewards or they may get another shop more to their liking.
POS software can help you keep track of this information and generate comprehensive reports, letting you effectively tailor an offer which will entice your customers back to your shop. Additionally, higher quality retail EPOS systems come with integrated email marketing features, letting you manage contact lists and reach your clients with a couple of clicks of the mouse.
Customer retention is vital to the success of any retail shop. Although it isn’t a deal breaker, it can definitely take your shop’s performance from mediocre to outstanding and all it requires is the implementation of an excellent POS software solution.
POS Software As a Loss Prevention Tool
Theft and loss prevention are concerns for all retail business owners. Irrespective of the number of steps are in place, every shop has losses. Products stolen can vary from small items that had no safety measures in place to expensive items which have been guarded. From great customer support to safety monitors, there are hundreds of steps which could be put in place to guarantee the best loss prevention for a shop. Not all loss prevention is only about ensuring product isn’t stolen, but other kinds of loss prevention like return fraud can be costly. Among the steps that helps to prevent losses through recurrence fraud is the most up-to-date POS program.
It’s estimated that nearly 9 percent of the average retail shop’s returns are fraudulent. If clients return $1,000 worth of merchandise to a business daily, that is approximately $90 of fraud yields. That number won’t reflect every company accurately, as many companies have much lower yield fraud amounts, but it does paint a picture of the realities of return fraud. POS software has a variety of features to help business owners monitor return statistics. These statistics can be monitored and reviewed on a regular basis to decrease fraud and employee theft. Password security features are also implemented to make sure that not all partners have access to all functions on a retail system. When an employee is suspected of fraud yields, privileges can be removed from the system as a proactive measure.
POS software makes it possible for stores to create digital receipts for every purchase. 1 way of return fraud is when an item is stolen and then returned. Digital receipts would be the best way to make sure that the item was actually purchased by lowering the odds of a fake receipt. Each sale has a physical receipt and a paper receipt. A customer who shows up at shop with no paper receipt can be confirmed via the POS software with an electronic receipt. This ensures that no client can show up with a fake receipt or pester a worker into processing a return without a receipt.
Firms are growing faster than ever, and it isn’t unusual for even the tiniest of local companies to have more than one retail location. Communication between shops is key, but POS software makes the task a lot easier. Each night POS software will poll across all areas, allowing all shops to understand what’s happening. It can be too simple for somebody to take something from 1 store and attempt to return it in another. Digital receipts could be shared between places and all information transferred between shops which ensures communication is at its finest.
Loss prevention necessitates the coordination of several resources and tools to work together towards a common aim. Thieves are always 1 step ahead of companies, but there are methods for company owners to make sure they do everything they can to reduce losses. Among the best measures to decrease fraud returns is up-to-date POS program. The best POS software is a excellent tool in the reduction prevention belt.
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