Month: July 2018

Your POS system generates key statistics that tell you about your Retail sales performance.
These key statistics are: Average sale, Transactions per hour, Items per sale, Conversion rate, Sales per hour.

But did you know that tracking these statistics on an individual Salesperson basis can lead you to focused clues about improving individual performance. Most POS systems dont enable you to track individual sales performance or generate individual KPIs (key performance indicators). If they do, they do not allow you to set a Store Sales Goal for comparative purposes.

If your POS system does track these KPIs they can lead you to some very important coaching strategies:

Coaching on Low Average Sale

Salespeople need to create value in the sale by demonstrating more expensive merchandise. This usually requires more skill and more product knowledge.

Customers need to be probed to identify their needs so the Salesperson can match them with the right product. There is no point in launching into a demo unless the needs of the customer are known. This leads to unsuccessful attempts at adding on. Perhaps the sale itself is lost due to inaccurate probing.

If the Salesperson is in a hurry they may not maximise their opportunity to sell. This will usually be characterised by low items per sale and/or high transactions per hour, as well.

Salespeople need to be aware of natural product add-ons such as extended warranties, product customisation and delivery options. Lack of product knowledge again is a cause for low average sale.

Coaching on Low Transactions Per Hour

Salespeople may be guilty of spending too much time with customer and not closing sales quickly enough. This is usually due to a lack of skill or motivation.

You need to identify a specific behavior that is cause the poor performance which may be thing like too much time spent merchandising, taking breaks, smoking, or talking to customers without trying to close the sale.

Converting customer is paramount to increasing transaction per hour.

Approach more customers and try to spend less time with them

Coaching on Low Items Per Sale

Salespeople need to at least attempt to sell more than one item to a customer. Product knowledge and sales confidence are the keys to a successful add on. Lack of sales skill will inevitably result on giving up too quickly or ignoring an opportunity to add on.

Probe customers with broad questions relating to the product they are buying. You may find out something about the customers that leads naturally to the ad on.

Since the customers mind is most open to buying prior to making a buying decision on the primary item, a Salesperson who always waits for that commitment prior to adding on may be minimising his/her chances of successfully adding on.

Salespeople are sometimes much to careful about saving a customers money instead of trying to sell them more items. If the store is quiet Salespeople need to try harder to ad on. Even if the store is busy, a customer who has already decided to make a purchase is more easy to sell something to than a customer walking into the store.

Coaching on Low Conversion Rate

Lack of probing, skill in selling, product knowledge, and approaching customers is usually the cause of low conversation rate.

In most cases increasing the conversion rate of the store is the quickest and easiest way to increase the sales average. Converting one more customer per period can create a dramatic effect on the sales for the day so Salespeople need to close faster and attend to more shoppers.

Lack of clear and targeted demonstrations and a lack of product knowledge can cause wasted time with Salespeople performing the sale but not closing the deal.

Coaching on Low Sales Per Hour

Usually this statistic is low because one of the others is low.

Make sure you are tracking this statistic accurately. If you are measuring sales performance for an individual who is selling for less hours than being tracked this will inevitable show us a low sales per hour.

Summary

Targeting individual deficient sales statistics provides vital clues to Store Managers about the specific area of performance that should be targeted for coaching purposes.

Coaching on the most deficient statistic yields the greatest and quickest results and the potential the biggest improvement in sales performance.

The author of this article has developed a software program used by retail stores to quickly and easily calculate individual salespeoples statistics.

If you are interviewing for a retail management position, you might be curious about some of the job interview questions. Moreover, you might be curious as to what the best answers for those retail management questions are. Keep reading on to get some helpful tips and answers.

Question: How would you handle a problem employee, such as someone who consistently arrives late to work?

The answer to this question might seem a little bit tricky. After all, a good company does not want an employee who wastes company time and money on their payroll. However, an answer such as terminate them immediately might be jumping the gun too fast. One of the best answers for retail management interview questions along this line is an answer that involves checking their work history, providing a clear and simple reminder, and then possibly termination if an improvement was not made in a timely matter.

Question: You walked through the store on the way in and have possibly shopped here before, what would you recommend doing to improve this store?

The answer to this question is another tricky one. Your first impulse is to assume this company doesnt want to hear I think the store looks like crap. Of course, you dont want to use those exact words, but provide an honest answer. The best answers for retail management interview questions are honest ones. Ideal suggestions include have an employee greet me when I walk through the door, remove bulky displays in the aisles that hinder cart movement, and so forth.

Question: Have you personally shopped here before? Why or why not?

You might think it is best to answer this interview question with a yes. After all, the best types of retail store employees are those who take pride in their company and actual shop with them. However, dont outright lie to suck up. Once again, this is your chance to shine. Provide honest feedback if you dont shop there (why not and what would change your shopping habits). If you are an avid shopper, state why (whether it be the friendly staff, the quality products, or the good prices).

Question: As a new store manager, how would you delegate tasks to your coworkers?

This type of interview question for a retail management position is designed to get an idea of your method of management. Are you a manager who just goes with the flow? By the way, these arent the type of store managers that most retailers look for. If you were, your response would include letting each employee perform the tasks they normally do. If you were a take-charge kind of manager who is interested in producing the best results, your answer would involve assessing and communicating with each coworker first. The goal is to determine who is the most productive at what and go from there.

Question: While you are applying for a store management position, can you still work as part of a successful team?

One of the best answers for retail management interview questions like this one is yes! As a store manager, it is your responsibility to manage the entire store, as well as each employee. On that same note, store managers often help with everyday tasks. This is particularly common in small stores with limited payroll hours. Job interviewers want to know that you can not only handle the management aspects, but the team aspects as well, such as helping your stockers unload a warehouse truck.

Retail Jewelry Stores

A common belief is that all jewelers are out to get you and that you’re going to pay too much for a diamond or engagement ring. This is true for all industries and businesses, not just the jewelry industry. There are good businesses and there are not so good businesses. There’s always a chance to pay more than you have to when buying a car, electronics, jewelry, or whatever. The key is to do your homework and find a jewelry store that you know is creditable; sometimes a referral from a friend is the best place to start. Now it’s true that most jewelry store prices will start off listing higher than many of the on-line businesses, but you have to consider all things. Who will size your ring when it needs to be done? How much will it cost when you have it done? How long will you be without your ring? There is a huge amount of convenience when buying local because many jewelers do all their work in-house. This means no waiting and sometimes you can actually have your ring sized or altered on the spot. Imagine proposing to your girlfriend and then telling her she has to wait 2-3 weeks before wearing it because it has to be shipped back to the on-line jeweler for sizing!

Other benefits are the warranties that come along with the purchase from a local jeweler. I had a customer come to our retail showroom not too long ago with a ring he bought from Bluenile. He brought his fianc in to be fit for the ring and we sized the ring for $75.00. 2 weeks later she came back and said that she chose to have the ring sized too small and needed to be sized again. Another $75.00! Now they’re up to $150 in additional fees and they’ve only owned ring 2 weeks. Imagine the expenses you’ll accumulate over the lifetime of the ring! Another issue is the replacement of missing diamonds; today’s engagement ring styles are very complicated and can be set with intricate diamond combinations. These tiny diamond accents are prone to falling out. When you need to have a small diamond accent replaced you could pay $75.00 to $150.00 in repair costs. Do you see the repair costs adding up? Most local jewelers value your business; in effort to keep you happy they’ll take care of any costs associated with the upkeep of your ring. If you think I’m being one sided don’t worry, I have a lot of positive things to share with you about buying on-line also.

One of the other benefits of shopping locally is the ability to see and examine the diamonds before buying. A big misconception is that all diamonds are graded exactly the same way and that an SI2 on-line is the same as an SI2 in a store. Truth is that every diamond is uniquely different and some diamonds are better than others even if the grades are identical. There are good VS2’s and there are bad VS2’s how do you know which one you have? I’m assuming of course that you know what a VS2 is, if you don’t you can visit http://therealscooponbuyingdiamonds.blogspot.com and I’ll be happy to explain it further to you. You really need to see the diamond first hand and look at it under a microscope to be able to compare one to the next. You can have two diamonds graded exactly the same but one may be poorer a version of the same clarity grade because it was graded by two different people with different opinions. This of course greatly affects the value of the diamond and you’re not aware of it unless you see them first hand. Shopping locally empowers you by allowing you to compare one diamond to next in real life situations.

Now if you say That’s all well and good but I still want the best deal I can get and the bottom line price is still you’re biggest concern then simply be honest with the people you’re shopping with. Truth be known, most jewelers are flexible in their pricing. You just have to communicate your needs with them properly so they know where you stand. They don’t read minds and if you want the best deal you can get for a diamond then say that to them. You can’t get what you don’t ask for and nobody is going to volunteer this unless you ask for it. If you tell the local jeweler that you have been shopping on-line and you want them to match the price, they’ll probably do it. The best strategy is to bring the Internet listing from the website that you are shopping with and give it to the jeweler. Ask them to show you a diamond of the same size, clarity and color, this way you are comparing apples to apples. In some cases they’ll match the price and you’ll get the best of all worlds including warranties, service, price and convenience.

There are no magical formulas or pixie dust that allows one on-line jeweler or retail jeweler the ability to buy a diamond for less than their competitors. Retailers and on-line jewelers pay the same amount for a diamonds and the going rate is the going rate. So your local jeweler has the ability to sell the diamond at the same price as the Internet jeweler, you just have to give him reason to. The best advice I can give you is Don’t make them jump through hoops; if they’re going to give you a great deal don’t make them work hard for it. Otherwise they may lose interest in the sale and say “No Thanks!”. Be honest and fair with them and you may be surprised at how helpful they can be.

Internet Jewelers

Ok I know you have been waiting for this, so here it is Yes you can buy a diamond for less on the Internet! You’ll also save the sales tax. But you need to know that not all Internet jewelers are created equal and you really need to become familiar with whom you are dealing with. Lets start with some important issues. First, you should know that most Internet jewelers don’t own their own diamond inventories. What they do is create computerized lists from diamond wholesalers and suppliers from around the country and place these lists on their websites. Now the problem with this is that these Internet jewelers have never seen the diamonds that they sell so they don’t know what they are giving you. If you see a diamond listed on their site and ask them to describe it to you they have to call the supplier who owns the diamond and have them describe it to them first so they can describe it to you. That’s fine as long as you are aware of the process.

Now, there are Internet jewelers who do own their inventories and actually hand select the diamonds that go on their website. The benefit is that these Internet jewelers have the ability to weed out problem stones because they get to see the diamonds before they buy them for resale. Allow me to give you an example of a problem diamond, take an SI1 diamond for instance. By definition, an SI1 diamond should not have imperfections that can be seen to the naked eye. However, I’ve seen GIA certified SI1 diamonds with imperfections that were plain as day when viewing the diamond to the naked eye. How does the Internet jeweler that’s selling computerized lists of diamonds know what kind of SI1 he/she is selling? They don’t! That’s why its important to choose an Internet jeweler who owns their inventory and hand picks each diamond personally. The benefit is that you can call them and ask them to describe the diamond to you to be sure that it’s not a problem diamond. When wholesalers have problem diamonds that retail jewelers and Internet jewelers (that own their inventories) won’t buy, they list them on Internet websites because there’s nobody to verify the problem.

In the end you suffer because you unknowingly buy the problem diamond. What’s the solution? Work with an Internet jeweler that can hold the diamond in their hand and inspect it for you. Or work with a smaller yet trustworthy Internet jeweler who has a pulse on all the suppliers that they work with so they can verify the validity of the diamond grade. The larger Internet jewelers like Bluenile undoubtedly have a harder time weeding out the problem diamonds because they sell so many diamonds from these published virtual lists. You’re diamond purchase is just another number to them while the smaller Internet jewelers can spend more time with you on the phone answering your questions and sorting through their diamonds. Another benefit to shopping online is the lack of pushy salespeople to deal with. As with many retail environments you’ll occasionally run in to the hard-core salesperson at local jewelry stores. If you’re the type of person who likes to move at his/her own pace and doesn’t like to be pressured then the Internet jeweler is a great option. If you find an informative site you’ll have the time to gather information about diamonds at your own pace without the pressure of having to make a quick decision. You’ll also cover a lot of ground very quickly because you can compare thousands of diamond prices with the click of a mouse. Shopping locally can be a long laborious process while spending hours at each location before going on to the next store.

If you choose to buy your diamond online require several things from your Internet jeweler. First is a no-frills return policy, the standard for an established and creditable Internet jeweler is 30 days. Next is gemological certification, this is important because you want to be assured that the diamond is graded as fairly as possible. I would only choose the Internet jewelers that display the BBB-Online Seal. The Better Business Bureau is a great consumer advocacy group and won’t allow any website to display the seal unless their identity has been verified. They’ll also remove the seal if the Internet site is abusing the use of the seal or is using unfair business practices. In the end you’ll have to decide what’s more important, price or guarantees. Some people would never buy a diamond from an Internet jeweler and some hate shopping locally. There are no secrets or shortcuts but you have to take the time to understand that there are pros and cons to both options. Nobody can say what’s best for you and your fianc but you.

Good Luck Shopping and feel free to contact me for any information about diamonds or diamond engagement rings!

Andy Moquin
President Andrews Jewelers Inc.
CEO Rokstok.com
http://www.andrewsjewelers.com

Merchandisers are the unsung heroes of the retail industry. Whilst plenty of businesses employ their own staff to carry out merchandising work, plenty of others dont, because these businesses recognise that Retail Merchandisers can offer a lot more efficiency in store. Jobs in retail merchandising offer lots of variety, socialising and travel options.

Retail Merchandisers dont just work on the shop floor. Merchandisers who are permanently based at one company will be expected to plan trading strategies and sales forecasts, possessing good number skills to work with buyers and finance departments. Analysing the popularity of certain lines and being one step ahead of upcoming trends also means a good business head is essential.

Retail Merchandisers can also be employed by an external agency, working on contract in teams up and down the country. These Retail Merchandisers will visit stores for a short period of time when the company is implementing a new store format or undergoing a seasonal changeover. To work as a temporary or contract Retail Merchandiser, you must have excellent team working skills to bond with your colleagues and merge seamlessly with the stores existing staff, as well being sociable, approachable and professional at all times.

Jobs in Retail Merchandising are very flexible, and due to the scale of some store format and changeover plans, evenings, nights and weekend work is nearly always compulsory. If you are working on contract for a retail merchandising agency, you will be expected to travel the country and stay in temporary accommodation. Employment in a retail environment is normally essential for a job in retail merchandising, but it is desirable to have at least some experience of a customer facing role. The job is also physically demanding, so some familiarity with roles that involve lifting, moving, pushing and pulling is ideal.

Fancy joining something special? We are one of the leading agencies supplying Retail Merchandisers to major retailers up and down the country. Take a look at what Retail Merchandising jobs we have to offer.

As a business, you want the maximum return on your business investments. When thinking about implementing new technology to work with your retail point of sale system, the costs of start-up and training need to be low and the benefits high to make it a sound business decision. You want to be confident that the increased business will more than compensate for the initial outlay. Some suppliers seem to have forgotten this as they charge exorbitant prices for on-site servers and require expensive long-term commitments. They even charge extra fees for training and technical support. However, it is good to know that there are some retail point of sale system suppliers who have the medium to large business in mind. For businesses with anywhere from three to fifty locations, there are many options that will improve quality of service and profitability.

With the ability to manage your data on their servers at a secure location, costs associated with on-site servers and administrative overhead are eliminated. Upfront capital costs become monthly pay-as-you-go subscriptions that fit neatly into your business budget. Integrating your existing retail point of sale equipment, such as bar-code scanners and credit card swipes allows you to realize additional savings. The maintenance and upgrades for your retail point of sale software system are managed at the supplier’s state of the art data center. This ensures that each upgrade or new release will work seamlessly with your current equipment.

Your retail point of sale information can be accessed in real-time so that you can determine accurate stock on hand, in receiving or on order. Imagine the benefits of accurate, up-to-the minute information. Your sales will increase and your costs will be reduced. By having the information about merchandise at your fingertips, you will be able to better serve your customers. If an item is out of stock at one location, you will be able to determine immediately where a duplicate item is located and how quickly you can have it to your customer. A happy customer is a return customer, which leads to increased sales. Costs are reduced as the possibility for duplicate orders is eliminated. With each location knowing what the other is ordering and so forth, costs can be reduced.

Having retail point of sale software that you can connect to from anywhere the Internet goes allows you incredible freedom. You can access information directly whether you are at a trade show or from any of your locations. If a problem arises while you are at home or even on vacation, you will be able to get accurate real-time information and make informed decisions. You won’t have to worry about not having the retail point of sale information that you need because it will all be yours at the click of a mouse or even on your iphone.

Sophisticated retail point of sale system software that is reasonably priced and easy to use is not just wishful thinking. Suppliers have jumped on the bandwagon to supply businesses with the tools they need and want to make their companies grow. In less time than you might think possible you can be receiving real-time reports on your merchandise that will help improve your bottom line.

point of sale software, retail point of sale, pos retail