Going from a single retail store to a multi-location operation comes with different business challenges and growing pains. But, at the same time, it also comes with greater opportunities to reach more shoppers and grow your sales.
In fact, with the right technology and processes in place, managing several retail stores is a great way to start leveraging the benefits of scale. There are many ways to manage multi-store retail operations effectively to make sure that your transition happen smoothly.
Tips for managing multi-store operations
1) Run your retail operations in the cloud
Managing multiple retail stores at the same time requires more efficiency and flexibility in running your business. In particular, it requires a retail POS system designed for multi-store management. This is where new cloud POS technology comes in.
Because cloud software isn’t tied to a specific device, as long as you have an internet connection, you can access your POS and the data you need to run your business from anywhere. Whether you’re in store, on the go, at home, or even on vacation, checking in on your stores is as easy as logging in to your POS system from an internet browser.
Cloud retail POS technology also gives you access to centralized, real-time data across all of your retail locations. So important information such as stock levels, sales history, and customer information are always up-to-date. After all, in today’s competitive retail environment, shoppers expect stores to be able to access real-time stock levels across all locations.
Accurate data leads to less stock-outs and lost sales and ultimately, happier employees and customers.
2) Minimize staff turnover risks and simplify employee training with technology
You obviously can’t manage multiple store locations by yourself. So, it’s important to hire competent staff members that you can trust to take charge of different store operations while you are away.
But even if you hire the right people, the fact is, how you manage staff is just as important as who you hire. This is especially true once you have multiple locations.
It’s important for you to be able to trust your managers (and a great manager can make all the difference in a store’s performance), but unless your staff are tied to your business, there is always a chance that an employee will quit. And you need to be prepared for that day.
There are so many examples of companies that have over-relied on one or a few individuals that there is even a term for this: “Key-Person Dependency Risk“. This is a particularly big issue for small-to-medium businesses that often don’t have the resources for back-up personnel or even cross-training of staff.
This is where technology has been able to add real value in terms of minimizing the risk of over-reliance while, at the same time, freeing up staff from doing boring, routine tasks.
A well-managed company is never dependent upon the performance of one or a few individuals. As well, no employee should be allowed to hoard knowledge, relationships, or resources to achieve job security.
This is why it is crucial to consider the built-in security controls and training tools already in place when choosing a retail POS system. Almost everything in a modern retail business flows through a retail point-of-sale system. As such, your ability to manage the knowledge (e.g. reports, costing, margins, etc.) in your business greatly depends on:
Your ability to track the actions and performance of your staff with your retail POS.
Your ability to easily train new staff in different roles whenever there is turnover.
If you’ve worked in retail long enough to expand to multiple locations, you know the importance of POS and how costly it can be to manage and train staff to use a new point-of-sale system.
For retailers who deal with peak periods, long lineups, or high employee turnover rates, it is essential for merchants to consider the real cost of both onboarding and training over time. Because unless you never expect to lose any staff, you will always be re-training some employees.
While you may be tempted to choose the cheapest POS software option or the one with the simplest design, we always ask our customers to take a good look at the type of security and access controls they will have right from the beginning. It is very difficult to control the data of a retail business outside of the POS system and too costly (assuming it is even possible) to get custom features added to a standard system used by many other merchants.
It’s why we put so much time into the design of the access rights and training tools within our own POS. After all, while we design our software for user-friendliness, clean design cannot be simple to the point where it lacks real functionality. And in modern cloud-based POS, it’s possible for even feature-rich systems to be easy-to-use with properly designed UX and practical tools such as built-in product tutorials.
3) Implement standard operating procedures across all of your retail locations
Standard operating procedures (SOPs) ensure that business operations are consistent and predictable across all of your retail locations. Put simply, SOPs make managing a multi-store business easier – and they give your customers a consistent shopping experience.
Standard procedures that should be established at each store include product returns and discounts, order policies, store, and security. Similar to access rights, the easiest and most common place to manage SOPs is through your POS system. So make sure to check if the POS system you’re considering has options to manage returns, discounts, cashouts, sales policies, etc.
4) Choose a retail POS that can scale with you
Many retailers make the mistake of investing in a new POS without thinking about business growth. There are many retail POS providers that restrict the number of users, inventory items or stores that can be added. Meaning that once your retail operations grow beyond a certain level, you must invest a considerable amount of money to upgrade your POS plan or switch to a new POS altogether.
That’s why it’s important to choose a retail POS system that can scale with you and is built for multi-store operations! Look out for the following features when selecting a retail POS software for a growing business:
unlimited stores, selling zones, and stock allocations
the ability to scale faster by cloning settings for new stores
automated tax calculations based on geographical location
multi-currency and multi-language settings
the ability to handle high transaction and inventory volume (this is especially important for high traffic retailers)
Nowadays, retail store owners need the flexibility to work anywhere, anytime. In fact, you should be able to easily turn any web-enabled device into a POS station. With the introduction of multi-platform point-of-sale software, retailers now have the ability to do just that.
Keep reading to learn what a multi-platform retail point-of-sale system is and how you can sell anywhere, on any device.
What is a Multi-Platform POS Software?
Multi-platform point-of-sale is a type of software that works on any web-enabled device, regardless of the operating system. This means a software that works on your desktop, tablet or mobile phone, even if they are a mix of Windows, iOS, Mac OS or Android devices.
Benefits of Multi-Platform POS Software
Cost savings, re-use existing hardware: If you are looking for a retail point-of-sale system with a low upfront cost, investing in a multi-platform point-of-sale system is the way to go. Because it can work on any web-enabled device, you don’t have to spend time or money replacing your existing hardware.
Sell more with mobile POS: With the ability to sell on mobile, tablet or desktop devices, virtually any place inside of your store can be turned into a checkout point. And because multi-platform POS systems can be used on existing devices, it’s faster and cheaper to set-up temporary checkout points during high traffic and rush hours to prevent long line-ups.
Continue selling even when your internet goes down: Nowadays, credit and debit payments are the most popular payment methods. While some POS systems offer offline capability, because modern PINpads cannot work without an internet connection, even if you can use your POS, you will still lose sales as few shoppers carry cash today. The future of retail POS is multi-platform as merchants now need to have the ability to switch devices seamlessly. With the TAKU platform, it’s as easy as signing in to your POS on a mobile device with data to continue ringing in sales.
Improve customer experience: Employees can serve customers and process transactions from anywhere in the store resulting in shorter lines and better customer service.
Scale cost-effectively, faster: Multi-platform POS systems allow you to scale easily. As any web-enabled device can be turned into a station, growing your retail business is easy and inexpensive.
Sell wherever your customer is: Multi-platform POS is ideal for merchants who operate on different sales channels. Easily sell in-store, on-the-go or online. Don’t miss any sales opportunities.
It’s the busiest time of the year for retailers! So, to help you save time, our team has created a collection of beautiful, high quality holiday stock photos.
All images are free for commercial use, no attribution required.
Seeing as the Christmas season is the largest shopping event of the year, the stakes are high for retailers. And while there may not be a one-size fits all approach to achieving holiday retail success, there are tried and tested strategies that will help steer you in the right direction.
We’ve put together a list of time-honored tips to guide you through the Christmas retail rush so you can boost your store sales and have a successful holiday season.
Check them out below!
How to Increase your Store Sales this Holiday Season
Not only does a unique and compelling holiday window display help you stand out from competitors, it also drives foot traffic. In fact, window displays act as a silent salesperson or a billboard for your retail business – they entice passersby and nearby shoppers to enter your store. The right window display will turn the heads of shoppers so your sales associates can close the sale.
Good lighting, bold shapes and colours, and creativity are all essential elements of a compelling window display. Incorporate your merchandise into the display by focusing on how it makes the perfect gift for a loved one, how your products are ideal decorations for a Christmas party, or how your clothing would be great to wear at the office holiday party etc.
Harry Rosen is a great example of a retailer that created a compelling holiday window display.
Offer Free Gift Wrapping
Offering gift wrapping services is a great way to earn customer loyalty. Convenience is a big selling point during the holidays and shoppers always appreciate businesses that can help them save time and effort.
Free gift wrapping can even act as a competitive advantage for your retail store. Shoppers will be compelled to buy from you instead of your competitors. And in may cases, they will see your store as the perfect place to go for last minute gift shopping.
It’s a good to idea to pre-wrap certain quantities of popular merchandise. Also, consider displaying smaller gift baskets at checkout so shoppers can easily add to their orders.
You may worry that offering promotions throughout the holiday season will eat at your margins, but an increase in traffic and sales will most likely make up for it. Offering numerous promotions throughout the month of December is a good way to build hype and keep customers coming back.
Here are some things to keep in mind:
Offer big discounts (30%-50%) throughout the month: if you sell big brand or well known merchandise, this strategy will work especially well for you.
Offer BOGO deals: studies have shown that offering something for free is oftentimes more effective than a discount.
Have exclusive offers for VIP customers: This gives you more control over your margins and at the same time, allows you to build a loyal customer base.
Remember to make use of social media and email marketing to advertise your promotions! It’s always a good idea to put up sales signage (banners, decals, window signs) so that nearby shoppers can become aware of your discounts.
Buy Online, Pick Up in Store (BOPUS)
Mckinsey & Company states that “click-and-collect was a competitive advantage for brick-and-mortar retailers” during the 2018 holiday season. Rather than relying on Amazon, last minute Christmas shoppers depended upon brick and mortar retailers as well as the popular option of buying items online and picking them up in-store.
While a BOPUS strategy provides shoppers with a ton of convenience and flexibility, it comes with it’s fair share of benefits for retailers too, including:
Increased rates of impulse purchases
Lower return rates
More foot traffic
Decreased shipping costs
Satisfied and loyal shoppers
For retailers who do not have an e-commerce site, Google Local Inventory ads are a great way to drive shoppers to your store with BOPUS offers. Click here to find out how your retail business can easily implement Google LIAs.
Google Local Inventory Ads (LIA)
During the days that lead up to Christmas, Google searches with local intent increase. This is likely due to the fact that shoppers are reluctant to depend on online retailers/shipping and would rather go in-store to purchase gifts.
Inventory SKUs (pronounced “skew”) stand for Stock Keeping Units and are used by retailers to both identify inventory and keep track of inventory movement or changes in product stock levels over time.
It is basically a unique combination of numbers and letters assigned to each product in a retail store. As a retail owner, inventory SKUs give all of your products a single type of code to help you keep track of certain details for a specific product including price, product information (colour, size, features, etc.), quantity, and manufacturer. SKUs are often associated with vendors or supplier barcodes but can they can also be converted into scannable barcodes and printed on to product labels.
A retail POS system is the software that holds all of this inventory information so that you can track what you’re buying, how much stock you’re carrying and whether stock movement matches what you’ve sold. Whenever you’re looking for a new retail POS system make sure to check if the software will allow you to use your existing SKUs and also generate consecutive SKUs for new products. This is particularly important if you integrate to other non-POS systems (e.g. accounting systems) based on your SKU names.
SKUs vs GTINs
SKUs should not be mistaken for Global Trade Item Numbers (GTINs) or Universal Product Codes (or UPCs). SKUs are internal codes used for products that are unique to a retail business. On the other hand, GTINs or UPCs are the same for a product – no matter who/what store sells it.
How Are SKUs Made?
Each retail store has a unique and specific process in place for choosing SKUs. This method is usually easy to understand and follow for retail staff.
POS systems can help you create SKU codes based on a format that works for your business. For example, your SKU code can have a specific prefix or suffix together with a number that increases consecutively. For example, a SKU for your business might be FD-2340-GR. Others use shortcodes within their SKUs as an easy hint to staff so they don’t need to memorize numbers.
How Are SKUs Used?
Inventory management: Inventory/stock-takes should be done at regular intervals in retail; both for tax purposes and to ensure accurate inventory levels.
When each product is assigned a unique SKU, inventory availability is easier to determine throughout the year. And when it comes time for a stock-take, SKUs make it easier to reconcile stock levels – so that actual inventory levels match inventory counts in your retail POS or inventory management system.
Re-Stocking Products
Making use of SKUs can help store owners identify reorder points and a minimum threshold – so when inventory hits a certain level, they are made aware that a new purchase order needs to be placed.
These internal codes also help you identify the products that move faster. Meaning you only have to re-order when you really need to – resulting in reduced inventory holding costs.
Better Customer Experience
Have you ever walked into a store and seen a pair of shoes or a t-shirt that you liked – but it turned out that you needed a different size? In this case, retail employees usually scan the item’s barcode or label to see if they have your size in stock, either in the back stockroom or at a different location.
This instance explains how SKUs are used within a retail system to improve customer experience. When products share a traceable type of code, you and your staff can more easily identify stock levels quickly so that more time is available to actually assist customers.
Easier To Identify Profitable Products
SKUs are generally the easiest way for retailers to filter for specific and detailed product reporting – e.g. identifying bestsellers and underperforming products by their SKU. When you combine this with merchandising and product categories or tags, business owners can more easily see the effectiveness of their store’s product mix or product lines.
Identify Inventory Shrinkage
Inventory shrinkage in retail can be defined as the difference that exists between the inventory quantity in a retailer’s POS system and the actual inventory in that store. In other words, it consists of the stock/product/inventory that goes missing due to human error, theft, damage, miscounting, etc.
Inventory management is key to minimizing shrinkage in retail. As stated in an inventory shrinkage article published by Forbes, “Without an active inventory process, you do not realize your losses until it is too late.”
And properly designed and implemented inventory SKUs are central to any good retail management system. They are key to modern retail operations since they are necessary to share and track inventory information between different locations, systems, and sales channels.
Did you find this article helpful? We will be posting more inventory management tips in the upcoming weeks.
Your business category on your Google My Business listing is used to describe the type of business you operate (pet store, hardware store, grocery store etc.).
It’s important to be specific when choosing your business category -the category you choose determines how local shoppers find you!
For example, if your primary category is “pet supply store”, your business will show up on Google when shoppers search for “pets”,”pet food”, or “pet supplies” in the area.
Important Things to Note
You can only select 1 primary category for your GMB listing.This is the category that people see on your business listing. It is also the most important – Google prioritizes your primary category in it’s search algorithm.
You can select up to 9 additional categories (other than your primary category) to describe your business. Focus on selecting the most relevant and specific categories for your business.
You can’t create your own category. It is best to choose a more general category if you cannot find the one that you had in mind.
Google can detect category information about your retail business from across the internet (including your own website and other mentions from across the web).
Which can be broken down into the following points:
1) Be as specific as possible when choosing a primary category. The more specific you are when choosing your primary category, the less local stores/businesses you will be competing against. For example, if you sell gift baskets, choose “gift basket store” instead of “gift store”.
2) Your primary category and additional categories should describe your retail business as a whole. Don’t add additional categories in an attempt to list all of your products, amenities, and services. For example, if you run a furniture business that also includes a pastry shop, avoid adding the category “pastry shop”. Instead, the pastry shop owner should claim their own listing and choose “pastry shop” as their primary category. Google suggests that you select categories that complete this statement: “This business IS a” rather than “this business HAS a”.
3) Try minimizing the amount of additional categories that you add. Although you may be tempted to select as many categories as possible, it’s important not to. Doing so will negatively impact your store’s local ranking. Only choose categories that directly apply to your business!
Note: Skip adding categories that seem redundant. Again, you should focus on adding the categories that are most specific to your business. Google will do the rest of the work! For example, if you choose the category “children’s furniture store”, Google will implicitly add more general categories like “furniture store” and “children’s store”.
For more information, on how to choose a business category, click here.
3. Click on the pencil icon beside your primary category.
4. Once you click on the pencil icon, you can either change your primary category or add additional categories.
5. Click on “Apply” in the right corner of the pop up screen. If the changes that you have made are significant, Google may ask you to verify your business again.
To learn more about the factors that affect your local search ranking, click here.
