How Epos System Help To Increase Your Retailer Profit Margins
Is your product priced too high too low or just right? Where is your sweet spot? Profit margins are something is not simply something you find once, they`re regularly evolving. Hopefully yours are constantly moving towards improvement. If not, don`t worry. Listed below are 4 tips to increase retailer profit margins.
1. Increase Product Prices
The best way to increase your overall profit margin is to increase your product prices. We understand that some retailers never prefer to do that as they feel they might loose customers. It really just relies upon the products, margins, and customers. Externally, it also relies upon your competitor’s prices, and even the economy. Once in a while you just need to get creative to make products more appealing by using and even psychological tactics.
2. Avoid Markdowns
Nothing kills a profit like a markdown. Avoid them by managing with your inventory better. Use your epos system to always know what is selling and what isn`t. This will enable you to make great decisions with regards to purchasing and promotions. Be smart about markdowns in you do them. Again, use your epos software to find your customers` purchase histories and customize your offers based on their behavior and preferences. They will respond to the offer that is relevant to them and mostly help boost your sales.
3. Increase Your Average Purchase
Sometimes the hardest part of marketing is getting somebody in the store. Once, they are there you want to make sure your marketing, sales process, and customer service is great from the moment they step through the door till the second they step out the door with bags of paid product.
Make sure to cross-sell and up-sell. Do this by placing your impulse buys and beneficial products in high-traffic zones, and close to the register. Train you staff to tell about on-going promotions, ask for the extra purchase.
4. Buy Higher Quantities
This is where you must be a bit strategic, if you sense that you can`t purchase more in bulk at lower prices. Would you be able to consolidate orders for other products? Can you be able to consolidate orders with other purchasers? Explore your options with your vendors.