Month: March 2019

Managing your business is one of the most important, yet hardest things that you can do. There are so many different things that go into running a business that sometimes it is hard to know what you have done and what you need to do. Something that may help you in keeping organized is a POS retail system.

A POS retail system, also known as a point of sale system, is basically a cash register that performs many other functions as well. These POS retail systems are used widely in the sales industry for business like retailers of apparel, clothing, sporting goods, electronics, and even the food service industry. A POS retail system can take your business to the next level especially if you have multiple store locations. POS retail systems make it possible to communicate between stores and keep track of things like inventory and hours worked by employees giving you a central source of information and streamlining the process of data collection. With a POS system that links your stores together you will be able to tell a customer which store has an item that may be sold out or unavailable at your current location.

If you own a company that has multiple business locations, you know how important it is to maintain organization and manage your operations at each individual store. POS retail service providers can help make your job a lot easier by managing your store operations for you. If you are interested in working with a POS retail service provider you need to do some research and learn about the best companies in the industry. First, you will want to make sure that the company offers a service instead of just software. This means that the POS retail provider will be managing your store operations in real-time. This is a huge advantage over POS retail providers who only offer software.

The next thing you should look for in POS retail service providers is their history. You want to make sure that they have a track record and have worked with several companies worldwide. In fact, you should research how many installations the POS company has throughout the globe. This will help you better understand the company’s reputation in the industry. Possibly one of the most important things is making sure that the company is using the latest technologies. If you are going to spend money on POS retail, then you need to make sure that you are getting the most affordable, most advanced, and easiest to use retail system available. You should also make sure that the POS retail service provider has a reputation for getting the right items at the right place at the right time.

A POS retail system can be the perfect addition to your business as long as you choose the company and product that fit your needs best. Be sure to compare many different POS retail systems and companies so that you are not limited only to a few different options. Investing in a quality POS retail system may be the thing that takes your business to the next level.

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

One of the key determinants of a retailer’s success is the format that they use to present to their target customers. A retailer can chose a format based on the kind of store design they want to render, the locality they would like to establish, the various products and services they wish to provide and the approach taken to pricing. The most important aspect is the format should be ideal to their target demographics.

In the past, the Indian retail sector has been dominated by small independent players such as traditional and small grocery stores. It is in the recent times that organized, multi-outlet retail concept has gained acceptance and has since then gained momentum. As per the study conducted by the Indian Council for Research on International Economic Relations (ICRIER), on the subject ‘Impact of Organized Retail on Unorganized Sector’, the retail business is estimated to grow at 13% per annum from US $ 322 billion in 2006-07 to US $ 590 billion in 2011-12.

A report by FICCI on the “Indian retail: on the fast track” shows that various organized retailers are currently experimenting with different formats of retail trade. It is difficult to predict which format will have a winning edge over all others in view of the fact that the Indian market is yet to mature.

The different sorts of retail formats that retailers could adopt are mom-and-pop or kirana stores, specialty stores, department stores, discount stores, convenience stores, hypermarkets, supermarkets, malls, category killers, e-tailers and vending machines.

Mom-And-Pop or Kirana Stores: is a retail outlet that is owned and operated by individuals. The range of products are very selective and few in numbers. These stores are seen in local community often are family-run businesses. The square feet area of the store depends on the store holder.

Specialty Stores: A typical specialty store gives attention to a particular category and provides high level of service to the customers. A pet store that specializes in selling dog food would be regarded as a specialty store. However, branded stores also come under this format. For example if a customer visits a Reebok or Gap store then they find just Reebok and Gap products in the respective stores.

Department Stores: often bear a resemblance to a collection of specialty stores. A retailer of such store carries variety of categories and has broad assortment at average price. They offer considerable customer service. For example: Food World in Bangalore.

Discount Stores: offers extensive assortment of merchandise at affordable and cut-rate prices. Normally retailers sell less fashion-oriented brands. However the service is inadequate.

Convenience Stores: is essentially found in residential areas. They provide limited amount of merchandise at more than average prices with a speedy checkout. This store is ideal for emergency and immediate purchases.

Hypermarkets: provides variety and huge volumes of exclusive merchandise at low margins. The operating cost is comparatively less than other retail formats. A classic example is the Metro in Bangalore.

Supermarkets: is a self service store consisting mainly of grocery and limited products on non food items. They may adopt a Hi-Lo or an EDLP strategy for pricing. The supermarkets can be anywhere between 20,000-40,000 square feet. Example: SPAR supermarket.

Malls: has a range of retail shops at a single outlet. They endow with products, food and entertainment under a roof. Example: Sigma mall and Garuda mall in Bangalore.

Category Killers or Category Specialist: By supplying wide assortment in a single category for lower prices a retailer can “kill” that category for other retailers. For few categories, such as electronics, the products are displayed at the center of the store and sales person will be available to address customer queries and give suggestions when required. Other retail format stores are forced to reduce the prices if a category specialist retail store is present in the vicinity. For example: Pai Electronics store in Bangalore.

E-tailers: The customer can shop and order through internet and the merchandise are dropped at the customer’s doorstep. Here the retailers use drop shipping technique. They accept the payment for the product but the customer receives the product directly from the manufacturer or a wholesaler. This format is ideal for customers who do not want to travel to retail stores and are interested in home shopping. However it is important for the customer to be wary about defective products and non secure credit card transaction. Example: Amazon and Ebay.

Vending Machines: This is an automated piece of equipment wherein customers can drop in the money in machine and acquire the products. This kind of system is currently not widely used in India. For example: Soft drinks vending at Bangalore Airport.

Retailers can opt for a format as each provides different retail mix to its customers based on their customer demographics, lifestyle and purchase behavior. A good format will lend a hand to display products well and entice the target customers to spawn sales.

The retail sector in India has seen incredible growth over the last few years. It has seen many corporate houses that had very little experience in this sector venture in and actually achieve a good amount of success. Future Groups Big Bazaar and Reliance Industries Limited (RIL) owned Reliance Retail are two such brands. After mulling over various strategies to expand operations, the two retail giants have decided to rope in local Kirana-walas with a view widen product reach and expand their operations to newer territories.

The two brands are following different paths for the same. Mukesh Ambani owned Reliance retail are speeding up their expansion of wholesale cash-and-carry stores. On the other hand, Big Bazaar, owned by Kishore Biyanis Future Group has undertaken its Big Bazaar Direct Programme in this, Kirana Stores can become a franchisee for the big retailer.

Analysts say that this move by both the retail chains is bound to increase growth. Big organized shopping mall type stores may not be successful in small towns or villages. Hence, pushing products through these small grocery stores or Kirana Stores is highly beneficial for the brand in the long run.

At the same time, small traders remain skeptical of this move are not too optimistic on being co-opted by the big boys. Praveen Khandelwal, secretary-general, Confederation of All India Traders, was quoted as saying, Organized retailers are in the business for making profits and are least bothered of the small traders. They use predatory pricing tactics to ultimately wipe-off the smaller guys. Even their wholesale stores are nothing but retail in disguise, since they are giving membership to anyone, when it was only meant to be for traders.

Nothing seems to have deterred the people operating Reliance Retail though. The RIL owned entity which commenced operations in 2011 has opened 12 more stores in the last 10 months. And theyre not slowing down; this pace of expansion is growing. A person close to the retail chain said, We are catering to institutional consumers, hotels, resorts, cafes, catering companies etc, but kiranas are among the biggest target group.

The Reliance owned stores have also made in-roads into the wholesale store business. Its converting some of its stores into wholesale store businesses. About a million partners i.e., institutional customers have signed up for the wholesale business. Small shop owners, as well as people who own grocery stores in small towns are being part of member meetings to understand their needs. When contacted, a company spokesperson said only three stores are being converted and it will continue to expand across all formats, including retail and wholesale.

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Here are 4 easy ways to set up your own school wear retail store.

Franchises: In this case, you have to pay a small initial fee together with royalties to the franchisor, and in return, you get the right to use a well-known brand name. Additionally, you get a well-demarcated territory that is literally free from competitors, and hands-on training in how to use an established and fully-proven system of operation. Furthermore, seminars and conferences are regularly held which teach you how to market and sell your products successfully. The primary benefit of buying a franchise is that you don’t have to start from a scratch. While the franchisor takes care of all the problems, obstacles and hindrances, you just sell different types of school dresses, and make profits. Although you would have to share some of your profits with the franchisor, but you also get the much-needed support.

Multilevel marketing company: Here you just have to set up a retail store and stock it up with different kinds of school wears like boy’s school trousers, school skirts, blazers, socks, ties, school shorts, and so on. Instead of the reputation the brand, you use your personal contacts to sell the merchandise. For each sale you make, you get commission. You won’t receive any kind of support. If you’re a self-starter and enjoy working alone, then this kind of retailing is good for you.

Business opportunity: It is similar to franchise; you can freely use the company’s name and logo. You also get a business plan, and full-fledged operation support. However, you would have to run the retail store on your own. You would have to find a suitable location for your store, stockpile the products of the company, and hire competent salespersons to sell the merchandise.

Existing enterprises: Yet another way to jump into school uniform retailing bandwagon is to buy an existing business enterprise. When you buy a well-established retail store, you start receiving returns on your investment in a shorter span of time. Moreover, you don’t have to spend your time and money on planning and setting up each and every component of your enterprise. In fact, everything from inventory and customer base to location and staff is well-set for you to move forward. You just have to formulate and implement failsafe marketing strategies so as to increase the sales and profit percentage. However, before you buy a retail store, ensure that it is free from all sorts of troubles.

Copyright (c) 2010 Matthew Levy

Flexibility Leads to Affordable Office

If You Help the Landlord Help You, Both Can Benefit. Many start-up businesses begin their journey in the affordable and comfortable confines of home. Before they know it, these businesses out grow home base and need to replant their operation in a more formal setting.

Flexibility Rewarded

Flexibility is essential if you want to find great deals that meet your unique start-up needs. If you are considering a move to commercial office space, the best advice I can give is to be flexible in your needs and look for landlords who are flexible in regards to term, price, and overall service.

Often an entrepreneur’s need for flexible lease terms will dictate their decisions. When I talk with them, their biggest fears are that of survival and of managing their growth, which is why they don’t want to get locked into a lease. If your business hits a bump in the road and you have to scale back expenses quickly, you don’t want to be stuck with lease payments for the next three years.

Conversely, if your business starts to grow faster than expected, you don’t want to be trapped in a space that is too small. For these reasons, prospective tenants prefer minimum leases of six months to one year terms which most landlords shy away from.

Working with start-up businesses has taught me the value of developing ideas that are different and unusual. I noticed that when I started getting creative, new businesses became interested. Most importantly, I am committed to meeting the needs of every tenant, so in the end we can work together and come to an agreement. If my tenants need to expand I’m delighted and make every effort to provide them with new space. On the other hand, if they need to end a contract or shrink their operation, I assist them in this process as well. In my line of work, it is crucial to develop long-term mutually beneficial relationships. I would recommend finding a landlord who will treat you in such a manner.

Watch for Deals

Recently I met a gentleman who needed a flexible deal; I had a 734 foot space sitting empty. Consequently, we agreed that he would pay $375 a month, on a month-to-month basis, while the space was still actively marketed.

In return if a lease-signing tenant was found, the gentleman agreed to move to another office in the building or to one of our nearby buildings. He also got the right-of-first-refusal in case he wanted to stay put.

Part of my job is to listen to the needs of new tenants. I heard they had a strong desire for low-cost solutions, so I developed a standard package that offers 200 square feet for only $300 a month. The property has a caf, free Wi-Fi, conference rooms, garage parking and an exercise facility.

The price of $300 per month includes everything, except for phone service.

Ask Questions

Prospective tenants often rely on me, as an agent, to take the lead, handle most of the process and answer all of the questions. Sometimes they even look to me for advice about marketing their business. Overall, they are looking for a full-service package, not just someone to show them space and get a signed contract.