Tips for managing your retail store remotely.

Remote inventory management.

A business owner who has a comprehensive idea of the status of their products from delivery to final sale is well-positioned to succeed. Not so long ago, keeping track of inventory was a complex undertaking that consisted of manually updating records and taking pains to ensure that no errors were made. While there will always be a need for human expertise and oversight, today’s inventory management technology automates and streamlines product stocking in several ways that are to everyone’s advantage. Since nearly half of all small businesses are lacking an effective system to address their inventory requirements, it seems that there is a great deal of potential improvement that can be made.

The costs of poor inventory management are real. Weak strategies currently result in erroneous stock checks more than a third of the time. Consequently, customers are unable to get the products they seek and may take their business elsewhere. Furthermore, retailers are left with stock that people don’t want and have spent capital in buying and storing it that could have been better used elsewhere.

Think of a good inventory management system as your virtual assistant. At any hour of the day or night, you can get real-time data about which products need to be reordered, as well as which are failing to sell. Using that intel, you can then contact your suppliers to get more goods, reorganize your shelves to highlight things that customers aren’t buying, train staff on sales techniques, update web page text content to boost interest, and much more!

Inside information about your inventory also leads to better marketing strategies. Thanks to the analytics capabilities of your system, you can determine who your customers are, what tactics they have responded positively to, and what has not worked. You can then use those nuggets of information as you decide on the next steps for your business.

Using the power of cloud-based technology, you can tweak your inventory management system from anywhere. With just a few clicks, you can enhance a featured product by adding peripherals and accessories. By the same token, you can delete redundant or poor-selling items, apply discounts, and launch promotional campaigns that will entice buyers to shop in your store or on your website.

Communicating with your staff.

Wouldn’t you jump at the chance to boost the productivity of your staff? Considering that most employees spend 25% of their workday searching for information, anything you can do to reduce those wasted hours would be an advantage for your business while lowering workers’ frustration levels.

Technology provides you with numerous ways to stay connected with your staff even if many miles separate you. In addition to the tried-and-true phone call, you can now interact virtually using teleconferencing and video software that facilitates collaboration and aids speedy resolutions to issues as soon as they arise.

When your internal employee operations run smoothly, staff are happier. What’s more, you have a clear idea of your payroll and available cash, making responding to unexpected expenses easier and more accurate. By using your inventory management system to the fullest, you can automate those all-important shift and vacation schedules. Onboarding procedures can be standardized, and you have the ability to gauge each person’s productivity, leading to more targeted training and higher productivity.

The software gives you instant access to workers’ hours. Not only can you communicate this with your accounting team, but you’ll also be able to make fairer shift schedules. Additionally, it’s easy to track lateness so that it can be addressed.

The inventory management portion of your point of sale (POS) system also provides up-to-date details about each employee, including the areas in which they are struggling or excelling, the amount of hours they have worked, and the salary and tips they have received. Armed with this information, you can focus on excellence and collaboration in the sharing of sales strategies that are proving effective while rolling out training to address shortfalls.

Although technology lightens your load in many respects, it does not strip you of the ability to have direct human contact with your staff. In fact, its strength is that it gives you pinpointed data and tools that allow you to make the most of the one-on-one interactions you have with all members of the team.

Accepting payments remotely.

Ecommerce and brick-and-mortar stores alike can benefit from a high-quality, remote payments system. These solutions allow you to securely process credit and debit cards, as well as other types of payments without needing to be physically close to the customer. When done right, remote checkout should be uncomplicated and just as secure as transactions completed in person.

Many merchants are now choosing to incorporate remote terminals into their POS suite. By doing so, they expand the buying choices available to customers to also mail and telephone orders (MOTO) and online purchases. Providing this additional option has proven to be especially valuable during the pandemic when consumers were seeking safe, contactless ways to purchase products and services.

Subscription payments are another enhanced option that is becoming increasingly popular. The customer agrees to pay a set amount on a specific day of the week or month for a predetermined period of time via automatic withdrawals from their bank account. Buying into this model allows for predictability for both parties and helps you accurately predict cash flow. It also reduces missed payments and leads to less stress for everyone involved.

The Virtual Terminal also comes in handy for receipts. Proof of purchase can be emailed instantly to the customer. Additionally, buyers’ information can be added to your dynamic client database and used later for marketing purposes — with the customer’s permission, of course.

By digitizing and automating payments and customer relationships, your inventory management system ensures that information flows seamlessly throughout, streamlining the checkout process and making record-keeping easier and more accurate for everyone involved. This is especially valuable when tax time rolls around.

Analyzing trends remotely and relaying new practices.

The reports generation feature of your remote inventory system is what ties your entire business together. With just a few clicks, you can marshal its data interpretation capabilities to generate actionable spreadsheets and other documents that can provide crucial insights into every facet of your operations. With finances, employee performance, and sales numbers right at your fingertips, you don’t need to guess anymore. Instead, you can spend your precious time enhancing your operations instead of struggling over spreadsheets.

Furthermore, your customers will realize true benefits. With every passing day, consumers are demanding a more personalized, efficient, and engaging shopping experience. Harnessing the power of the analytics insights from your inventory management system can meet or even exceed their expectations, resulting in greater buyer satisfaction, boosted customer retention, and higher profits!

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