Inventory software programs are critical to retail operations because they let managers track usage, monitor inventory via unit dollar costs, and calculate precisely when it’s time to order new inventory. More sophisticated point-of-sale (POS) software integrated with advanced video surveillance and business intelligence can even analyze inventory levels on a single-item basis and control inventory all the way from the time it arrives from the supplier to the point it leaves with your customer at the cash register.
A customer loyalty program is one of the best ways to reward your customers while turning them into repeat customers. But, too many rewards programs are outdated and ineffective. Many loyalty programs use a “points for purchase” model, where shoppers earn points for every dollar spent, or for every purchase made. Even more programs rely on plastic cards that the customer scans, or on punch cards. As of 2011, there were more than 2 billion loyalty programs across the country, or an average of 18 memberships per household.
Smartphones have become an integral part of our lives. Now, they may even replace our credit cards, debit cards, and cash.
Google Wallet and Apple Pay (and the technology they rely on to work) are two new high tech applications that customers can use to pay for goods and services at brick and mortar businesses. But, are your customers using them, and is investing in the new technology a smart business move?
Providing excellent customer service should be a top priority for every business, no matter how large or small the company is. Businesses depend on satisfied customers to survive. In fact, research has proven that:
It’s been famously said that you can’t see the solution until you see the problem. Most safety and security problems in retail, restaurants and hospitality occur because you or your managers simply aren’t looking. An open back door, a wet floor or an unattended pricing gun, for example, can lead to robbery, lawsuits and eroding profit margins. Let’s take a closer look at four of the key safety and security problems and how modern video technology offers a proven, cost-effective solution.
To finish this series on video intelligence, video surveillance is most commonly seen as a tool for identifying negatives, like shoplifting and employee theft, but it can also be an excellent way to show staff that you understand the things they’re excelling at.
Stuff happens. Mistakes are made. Expectations aren’t met. The result? A legitimately angry customer. But there are also customers who want to take advantage of an innocent employee or commit actual fraud. How do you sort out the real from the perceived? How do you train employees to turn a dissatisfied customer into a loyal fan of your brand?
If you’re in the market for a video surveillance system for your store, restaurant, or hotel, you’ll want to be sure that the hardware and software can grow when you do. The information that you’ll receive from video data is an invaluable business tool that helps you see what’s going on inside every part of your store, restaurant, cinema, hotel, or other physical location. It all tells a story, and the moral of that story is that there’s always room for further improvement and innovation.
Call it the winter of our discontent. The passage from 2014 to 2015 has brought extreme weather across the United States. Massive snowstorms are pounding the East Coast while California faces drought conditions and the Midwest faces everything in-between those two extremes. Retail sales are an indicator as to how customers feel about their personal financial and social situation and what is going on around them. Weather can be a major disruptor just as surely as a natural disaster or a major economic event. But that doesn’t mean you can’t adapt to changing weather just as quickly as you adapt to other changing factors in your business model. The key is pattern recognition, and analyzing the data you are collecting is as important as collecting it in the first place.