Modern POS systems are packed with great features that help retailers sell products more easily. While cloud-based features have gotten closer to older point-of-sale systems, many basic cloud POS today still can’t handle selling in fractional quantities.
This is a feature that many cloud POS systems don’t build into their core features, leaving it to others to build add-on plugins. While it’s great to have extra options through plugins, these extra costs can really add-up. At the same time, when something doesn’t work, it’s hard to know which software caused the issue.
For this reason, more retailers are looking to use all-in-one cloud POS systems with built-in core functions such as selling in fractional quantities,
What are fractional quantities?
Fractional quantities (or decimal quantities) are used by retailers that sell products that are sold in different amounts to each customer. For example, if you sell cheese by weight or DIY fabric by length. Products like this are sold in bulk, not pre-packaged. The final weight or length needed is only known when a shopper is buying in-store or online. As such, the price of these products are set to a unit of measure (e.g. $ per lb or foot) and the final selling price is only calculated during checkout.
What kind of products are best for fractional quantities?
Here are some examples of products that require fractional quantities:
Bread and bakery products
Meat, seafood, or produce
Ingredients such as spices, flour, sugar, oils, etc.
Raw materials for construction, assembly or production
Supplements, beauty supplies or candy
Landscaping or garden materials
Fabric or stationary sold by size
Any item sold in bulk
Services that are charged by the hour
and many more
How do I sell fractional quantities?
If you need to sell in fractional quantities, you will need to make sure that your POS system supports inventory quantities and sell prices to the decimal place required.
Besides being able to handle fractional quantities (e.g. 0.75 lbs) and prices (e.g. $2.765), if you sell high value bulk products, you need to be able to sell in smaller units for accuracy. For example, if you sell expensive products such as gold or saffron. With these, it is common to sell to the 4th decimal (e.g. 2.7683 grams of gold) as very small quantities can cost a lot.
While selling in bulk is a common retail feature, many basic cloud systems don’t handle it to the required decimal and will automatically apply rounding. This is where modern cloud systems such as TAKU come in. They are designed to allow retailers to accurately set prices and track stock quantities so that they can make more money.
In the current world of retail, having an online catalog is essential. Customers are spending so much of their time on the internet, being able to reach them online is now crucial. Yet many merchants still rely on physical print catalogs. While this is still a great strategy, there’s no reason not to add a digital catalog on top of that.
Times are different now, physical marketing materials should be an add-on, not your main strategy. After all, online ones are much easier for consumers to access since most people always have their phones on them, and they can provide a lot more information. Not to mention, they are much easier and cheaper to keep up-to-date.
5 reasons you should have an online catalog
We understand that many brick & mortar stores may not have the resources or technical skills to set up an e-commerce store. However, it’s very important for all physical stores to at least start an online catalog for shoppers.
Here are 5 main reasons why you should:
1 – Shoppers buy more when they know what products you carry
Google’s research indicates that shoppers avoid stores when they do not know what’s available inside the store. After all, the majority of shoppers do research online today before heading out and stock availability helps shoppers decide which store to go to. Making it easy for shoppers to see what you have available on your shelves today drives more foot traffic to your physical store, which then increases your sales since impulse buys and upselling increase basket size.
2 – New customers can see what you offer
You’ll be able to attract more new customers if your products are showcased online. People who are learning about your business for the first time will be able to better understand what you offer, even before they step foot in your store. If you use a modern system such as TAKU, your POS will automatically update your product showcase on Google so that nearby shoppers see real-time stock levels that adjust in real-time even as you sell.
Having stock levels update automatically is a key difference with a digital product showcase vs. traditional print catalogs as shoppers today expect stock information to be accurate whether they buy in-store or online.
3 – Digital catalogs are easier to share
Digital catalogs are great since they are so easy to share. In the age of social media people are always sharing things with others. Where a physical catalog requires someone to actually hand their friend the catalog (which may be out-of-date), a digital one can be shared around the world in a few clicks. It’s easy to see why this is a good thing, the more people that see your catalog – the more potential sales you could get. Similarly, shoppers are more likely to consider retailers recommended by their friends or contacts.
4 – Digital catalogs offer 24/7 customer assistance
Having a digital catalog reduces the amount of time spent answering general questions. If you have a product showcase, your shoppers will have 24/7 access to photos and product descriptions. This eliminates the need to have employees repeatedly answering the same questions. This also relieves some of the burden on your sales team as they will spend less time answering explaining product details and more time selling. This will in turn improve your overall customer service.
It’s best to think of an online catalog as a marketing investment. There is a cost to set it up in the beginning, but once it’s up and running, it provides free sales assistance and will quickly pay itself off.
5 – It will help you understand your customers better
Since an online catalog will be on your digital channels, you will be able to collect data that will be useful for digital marketing. The collected data will help you gain better insights into your customers and even answer a few questions along the way. Analyzing data collected from your digital catalog could help you answer questions such as:
Which of my products have the most views online?
Are people aware of my business? Are they interested?
How many people are making purchases based off of my catalog?
Do I need to change the products I am carrying?
How can I get more people to sign up for my email list?
Do my customers research products before purchasing?
Overall, a digital catalog helps to enhance your customer service. It allows shoppers to conveniently check what is available, find out information regarding products, and even share with other potential customers.
With an online catalog you will be able to reach more shoppers with less effort. It will also allow you to save money over time compared to physical catalogs. It is an investment which will quickly pay for itself. As a retailer you should consider adding or improving the digital catalog for your store. Happy retailing!
Want to start displaying your products online? TAKU’s Google SWIS integration allows your to showcase your inventory on Google in real time! To learn more click on the banner below.
TAKU Canada Ltd. is excited to announce a new self-checkout system in Canada together with Samsung Electronics and Moneris Solutions Corporation. This all-in-one kiosk is designed to help merchants across Canada sell more, even while significantly lowering labour costs.
We know how difficult it is to hire, train and keep staff today. Our new self-checkout solution is designed to solve the problem of labour shortages without increasing the technical complexity that merchants often face when they sell in-store and online.
The sleek and modern design of Samsung’s hardware pairs perfectly with TAKU Retail’s clean and easy-to-use screens. Combined together with Moneris payment solutions, the TAKU Retail platform helps merchants offer in-store, online and self-checkout, all under a single login. No more logging into separate systems and checking multiple reports.
TAKU Canada and its sister company ACE POS has been perfecting retail commerce for over 45 years. The experience gained through nearly 5 decades is how we have built the best self-checkout system on the Canadian market to reduce lineups.
Many people think that shipping out an order is the same as ‘fulfilling it’. In reality fulfilling an order means much more than shipping a package out. In retail, the term “fulfillment” refers to everything a retailer does from the moment a customer places an order. While many think that order fulfillment means shipping out online order from a warehouse (this is likely because of Amazon fulfillments centers), this is actually only one of many ways to get orders to a customer.
For example, retailers with existing physical stores can also fulfill online sales by packing online orders for in-store pickup. In comparison, in-store pickup is generally a lot cheaper than shipping online orders out from a warehouse as you don’t need to pay for packing materials or shipping fees.
What is order fulfillment?
As we’ve mentioned – fulfilling orders includes the process of receiving an order then getting it to the customer. It can also include supply chain tasks such as inventory management, quality control and customer support as part of order fulfillment.
The term “order fulfillment” tends to sound complex and seems only suitable for very large businesses. In reality, fulfillment is something businesses have been doing for decades now. In the past, customers often made orders through phone calls, fax machines, or even coming into the store. Stores would prepare these orders for pickup or ship out. In other words, stores had to “fulfill” these orders.
The difference today is that most order fulfillment is for ecommerce and that most retailers have a catalog of their products online because shoppers expect to be able to see what products a store carries. This is why it is so important to have an online catalog that shows off all your merchandise. While an online store is great, having any product showcase (e.g. Google’s free See What’s In Store feature) helps nearby stores be found online. And a modern omnichannel retail system makes it easy and fast to display POS products online in a few clicks.
While there are many different steps in order fulfillment, the main ones are:
Purchasing goods from suppliers
Receiving goods that are purchased
Storing purchased goods until they are sold
Picking and packing goods when they are sold
Getting goods to customers
Most physical stores are familiar with steps 1 to 4. However, since the pandemic, the way many brick & mortar retailers are handling step 5 has changed. While merchants relied a lot on shippers and last-mile delivery services (e.g. DoorDash) in the beginning of the pandemic, as the cost of packaging materials and fuel surcharges has increased, more physical stores are looking at in-store fulfillment options today. For example, with BOPIS orders (buy online pickup in-store), ‘shipping out’ is replaced with customer self-pickup or in-store fulfillment.
The benefits of in-store fulfillment
Some of the perks of in-store fulfillment are:
It helps you compete with bigger ecommerce companies as you can give your local audience a custom and personalized experience during pickup
It’s faster for nearby shoppers to get their orders
It helps you get rid of shipping costs to send products out or return products
It helps you make bigger sales since shoppers often buy additional items during pickup
It lowers return costs as orders picked up in store have lower return rates
Some challenges around in-store fulfillment
In-store fulfillment isn’t all rainbows and sunshine. There are some challenges you need to be aware of if you are going to be fulfilling orders from in-store. Here are some roadblocks you may face:
The need to change the store layout to make it faster for pickup shoppers
The need for better back office processes to allow for quick picking and packing once an order is received
Linking data between store POS systems and online stores
Many POS systems do not offer the tools needed to track everything you need for in-store fulfillment. Modern omnichannel POS systems such as TAKU make order fulfillment a breeze. They make it possible for you to:
Manage all of your in-store and online inventory in one place
Sell any inventory in your POS online with just a few clicks
Always know exactly how much available inventory stock you have with real-time on-hand quantity
Automatically showcase products and real-time stock availability in Google searches, Facebook Shop or Instagram Shop
These are just a couple of the benefits retail stores will gain from using a modern cloud-based system today. Click here to learn more about how TAKU can help you save money and sell more today.
Confused by some words in the retail industry? Read up on the essential retail terms and their definitions with our Retail Glossary here!
The metaverse is a term you’ve most likely noticed being tossed around on the internet in the last year or so. Many predict that the metaverse is the future of the internet. At the moment it is used primarily for entertainment purposes. While the metaverse may seem like a gimmick right now, it will become so much more than that. In the long term, the metaverse has the potential to transform the shopping experience, and create a more engaging and immersive experience for consumers.
These digital worlds (where many will work and play) will be the next step in internet use. There have already been a number of concerts and events taking place in the digital space. While it’s still early days for the metaverse, retailers should get involved earlier, because the cost of entry is lower today.
During the early days of the internet, many businesses were quick to dismiss the idea of shoppers buying online. But the first businesses who started online stores ended up with a major advantage versus their competitors. So the question remains, how can retailers take advantage of the metaverse?
You can own a digital space for your business just like you can own a physical space for your brick and mortar store. A digital space allows you to interact with your customer and introduce them to your products.
When saying digital space you may be confusing it with an online website or ecommerce store. In this situation a digital space is a 3D environment on the metaverse where companies can actually create virtual stores. The virtual stores actually allow users to interact with product and see them in a 3D space. Whereas on an ecommerce store the consumer would only be able to see pictures and videos of the product.
The metaverse would allow you to create a new shopping experience for your customers. Forever 21 used the platform *Roblox to allow shoppers to create their own versions of digital Forever 21 stores. In these user-created stores, digital versions of existing merchandise were sold. The products were then actually delivered to the buyers’ real-life homes.
*For those unaware, Roblox is an online gaming platform which allows users to create their own virtual worlds/games. Similar to YouTube, where users create content for others to watch – in Roblox users create games for others to play.
Simply rehashing your existing store on the digital front will not be a successful way to deliver this new shopping experience. Sky Canaves, a senior analyst at Insider Intelligence says that there is no need to be stuck between 4 walls in the metaverse, she continues that metaverse shopping can be so much more experiential. Imagine shopping for a car and being able to drive the car around in the Italian countryside all from your home. This is the type of experience merchants will want to foster for their metaverse customers.
Merchandising’s new boundaries
Metaverse shopping will help push merchandising to new limits. Showcasing your products in the digital world will allow for new and exciting ways for customers to see your offerings. Similarly to the car example in the last paragraph, companies can allow consumers to test merchandise in the virtual world. Besides the virtual world, retailers can leverage the new technology associated with the metaverse to show off their merchandise. Back in 2017, Ikea introduced their app Ikea Placewhich allows customers to use their iPhone cameras to see what Ikea furniture would look like in their own homes before committing to a purchase. This use of AR (augmented reality) has become commonplace for many retailers.
The beauty of the metaverse is that unlike a traditional brick & mortar store, a retailer’s merchandising is not confined to the physical space available inside the store. Shopping on the metaverse allows retailers to showcase an unlimited amount of products in a limitless space. For example a hardware store could showcase every single type of cabinet, flooring tile, or whatever other product they have in a virtually infinitely sized warehouse. Furthermore searching for these products on a digital store will be much easier than a physical store. Users could hypothetically type in what they are searching for and have the product magically appear in front of them so they can inspect it before purchasing. For a better idea of what this could look like, check out companies’ early visions of metaverse shopping.
Besides building brand awareness, companies can hold other sorts of promotions in the metaverse. Brands can host special events in the metaverse such as classes, conferences, and workshops. For promoting the film ‘In the Heights’ Warner Brothers held a large block party on the Roblox platform. This made for an accessible way for consumers to partake in a promotional event.
Retailer can even start offering promotional exclusives on the metaverse. For example you could pair the sale of a shoe at a shoe store with a digital version of the shoe for an online game like Fortnite. In fact Nike has already filed patents to begin selling digital versions of their products.
A company who wants to succeed in the metaverse will be paying attention to the different ways big brands are interacting with it already. Take the lessons from the big players and see what you can change in your approach. We understand, the metaverse is still young and nothing is concrete yet. But by paying attention to what is going on in the digital space you may come up with the next big idea which will influence everyone else. There is some investment and technical know how needed to get involved in the digital world. Keep your ears open and your eyes peeled as the metaverse will continue to grow. The new digital front will provide a bunch of new opportunities. You don’t want to end up like the brands who dismissed the internet back in the 90s.
With TAKU Retail you can create an all inclusive and integrated omnichannel strategy that will get you ready to move your physical store to an online platform. Find out how TAKU Retail can help you achieve a seamless and successful omnichannel system for your business below!
Are you wondering what “BOPIS” or “clicks to bricks” mean? Are you looking for a reliable list of the top 100 retail terms?🤔
Success in retail today involves an increasing number of technologies and concepts. But who has the time to keep up with new terms when you’re busy running retail stores?
Don’t worry, TAKU Retail has got you covered. Whether you’re a long-time retailer or a new merchant, we’re here to make things easier for you. Don’t waste time looking at questionable resources online.
As former retailers themselves, our founders have prepared a list of the most used retail terms in a searchable, sortable retail glossary. Click below for the only retail dictionary you’ll ever need.
TAKU Retail continues to be the best go-to tool for your retail needs. Besides our retail glossary, check out our free blog resources to find other ways to improve your business. All of our blog posts are written for retail owners.