Mobile payment options, like Apple Pay and Samsung Pay, have had a tough time holding onto love from consumers. But, these payment options are improving regularly and they aren’t going away any time soon. They’re slowly being picked up by more and more customers, which means you should learn more about how they’ll affect your wireless retail stores.
Do you have tons of customer data sitting around your office, in physical files or on a computer hard drive? This data is incredibly useful and shouldn’t be neglected — use it to improve the experiences that your customers have, while also helping your bottom line. Here are 9 ways you can do more with your customer data.
Employee discounts are a great benefit to provide, but it is not at all uncommon for employees to abuse this benefit for themselves or for friends and family. How can you identify this policy abuse and develop operations and company culture to prevent it? Let’s delve into the issue of employee discounts and examine some best practices to combat this fraudulent and often criminal practice.
Many bargain-loving shoppers are ready to hit the stores as soon as Thanksgiving dinner is over, making Black Friday the biggest shopping day of the year for retailers. From effectively advertising deals, stocking your shelves and preventing theft, what do you need to do to be prepared for the influx of customers when midnight strikes on November 27th?
Gift cards are popular presents among friends and family. When someone isn’t certain what to buy a friend or relative for their birthday or during the holidays, a gift card from their favorite retailer or web store can be a great choice. For retailers, a gift card gives back to their retail operations in many ways. They have already received the profit from the gift of the card. It’s also a driver to bring cardholders into their retail store to purchase merchandise which secures future sales. If the card is lost (which happens more often than you might think), it’s a net profit for the store because they’ve received the profit from the gift card sale without exchanging it for physical merchandise. This has produced a growing and thriving market in gift cards for retailers of all sorts of products.
Employee errors can be one of the most demanding challenges in creating a loss prevention strategy for a retail operation. Many loss prevention experts believe that the success or failure of a retail business comes down to the quality of their employees. What makes the difference between a successful wireless sales location and a failed one is often the quality of the staff and the integrity of your transactions.
Believe it or not, it is possible to realize positive financial impact from loss prevention in retail. In fact, National Stores, one of the fastest growing off-price specialty retailers in the U.S. and Puerto Rico, has proven that with video analytics, it’s not only possible, it’s possible in a big way.
“Employee of the month” initiatives and cash prizes are common methods that employers use to spur employee motivation, but this is hardly the only way to inspire hard work. In an industry where employee engagement is already below average it’s vital that you create an environment that makes staff members want to work hard.
Should you upgrade your point-of-sale (POS) system? To answer that question you need to examine the cost of the upgrade. This means not only considering the actual cost of the hardware, setup and support services, but also considering time to train employees on the new system and assessing whether you will have to close your retail operation during operating hours in order to install and test the system.
What causes more damage to a retail operation, external (shoplifting/robbery) or internal (employee) theft? By a nearly 3-to-1 margin, retailers say that internal theft is more extensive than external theft at their establishments, according to a recent survey. Today, let’s take a look at loss prevention and the characteristics of both internal and external theft to see what you can do as a retailer to prevent theft, fraudulent transactions and other forms of loss.