Managing your business
Posted on April 16, 2008 at 8:36 pm by Sherri R
Any business that you walk into will typically have registers that are able to process transactions, record customer info, and update inventory. Many of these systems have a robust POS software program behind them that are able to coordinate all of this information. The only problem is that most small to medium sized businesses overlook the importance of tying in their customers purchases with their operating plan. By this I mean they do not capture or link purchasing behaviors to help them create a unique shopping experience for that customer. It is very difficult to attract new customers and businesses will spend millions to attract new customers but less than that to retain them.
As you look to improve your customer retention having POS software that can link purchases to inventory to suppliers can help you create a just in time inventory. This can help reduce your carrying cost and predict buying patterns of customers. Once you are able to link this data you can create special invites for special purchases based on buying habits of your customers and this will help create a sense of being a valued customer. Once your customers see how much you care they will go to great lengths to tell their friends and this type of viral advertising can be priceless. So as you look around your business to understand where to invest take a look at your POS software and research the options that are available to build your network of systems and improve your inventory and customer relations.
