Do you know your business’s sales forecast? If you don’t, you may want to keep reading to learn more about why it’s so important to forecast your sales, and how you can come up with an accurate sales figure. Forecasting sales will help your business set measurable goals, which are vital to business growth. While the process can be quite difficult and complex, you’ll want to start with the basics if this is your first time attempting to forecast your sales.
According to the National Association for Shoplifting Prevention, there are over 27 million active shoplifters working in the country today, while over 10 million people have been caught for shoplifting in the past five years alone. Electronics retailers are particularly susceptible to shoplifting because most digital devices and accessories are small, plus there is the added threat of return fraud, employee theft, and other schemes designed to harm the wireless retailer, produce product shrinkage, and lower your bottom line. But an investment in technology, management techniques, alternative training techniques and sophisticated video intelligence systems can help you boost the customer experience in your retail operation and minimize the risks that shoplifters represent.
Good news for retailers—as of May 2015, the state of the national economy is in your favor. A surge in jobs takes partial credit, along with increased incomes and the recent decline in gas prices. People have more disposable income right now and they’re spending it in retail stores. If you’re wondering what the top summer trends are for retailers, and why they matter, keep reading to find out more.
Beginning in October 2015, credit cards across the United States will be required to use chip and PIN technology. These types of cards are already widely used in developed countries around the world, but until recently, they weren’t very common in the U.S. What does this new technology mean, and how can your retail store prepare for the change? Keep reading to learn more about this switch so that you can plan for the changes ahead of time.
A security system is a key element to protecting the assets, employees, products and integrity of a retail operation. Equipment and features are important factors when choosing the best security systems from manufacturers but it’s also important to consider the character of a retail operation. Monitoring and analysis of retail operations that are only open during the day or are safely secured within, for example, a shopping mall, is a fairly easy proposition. But do you have the right equipment to monitor your retail operations after hours?
Here are some of the cutting-edge systems equipped with the latest technology—especially night vision applications—to ensure that security systems keep up with ever-increasing sophistication on the part of potential criminals.
We often see complex-looking security tags on expensive items in retail operations and commonly in clothing stores. They have been around for a long time, but how effective are they and have shoplifters figured out ways to bypass them? Let’s take a closer look at security tag technology.
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.
Technology changes how consumers decide what, when and how to purchase goods and in an age when technology is going through innovation at an exponential rate, it can be difficult for stores large and small to decide where to invest their resources and how to respond to changes in technology. Here are six innovative technology trends to look out for in the near future.
Consumers carry around a terrifying amount of data with them every day. It’s true that retailers are guilty of collecting it for financial advantage as well but the responsibility of securing the data stored on the credit cards and smart phones of customers is growing every day. In 2013, Target let hackers slip away with the personal information of over 110 million customers, while the hackers that hit Anthem Healthcare last year carried off the personal data of more than 78 million customers and even many non-customers. Here are some risks and concepts to think about in order to start planning how your retail operation can ensure that your customers’ data is secure from theft, so they feel safe.