Shrinkage costs the global retail industry over $100 BILLION annually. In 2019, roughly 6 percent of retail shrink was literally unaccounted for, meaning nobody could classify a loss under any of the shrink categories. And another survey averaged the retail industry shrink rate in 2019 was nearly 2 percent. If you’re a retailer, these numbers… Continue reading Ways to Reduce Retail Shrinkage and Start Protecting Your Profits
Category: Retail
6 Reasons Why You Should Move from Microsoft RMS to Omnichannel
Microsoft’s Retail Management System (RMS) 2.0 was a popular POS platform that worked well for small and midsized businesses operating single or multiple stores. At one time, there were upwards of 45,000 customers using the product. RMS was able to provide advanced retail features, including managing multidimensional inventory, receivables, reporting, and interfaces with a wide… Continue reading 6 Reasons Why You Should Move from Microsoft RMS to Omnichannel
Retailers Can Use Reservations Systems to Provide Safe Personalized Shopping Experiences
Reservations have historically only been used by restaurants, spas, hotels, and other service providers, and they are depending on them even more during the pandemic to manage capacity. But reservation systems are catching on across retail sectors. Studies show that nearly a third of shoppers surveyed say they will not be returning to in-store… Continue reading Retailers Can Use Reservations Systems to Provide Safe Personalized Shopping Experiences
Sign up for the First NRF Virtual Big Show 2021
2020 was a tough year for retail, but that didn’t stop retailers from fighting the fight. Things were certainly disrupted, but they moved forward and will continue to do so. It was with that attitude in mind that NRF retooled its annual Big Show, changing the format to fit the times, but not backing off… Continue reading Sign up for the First NRF Virtual Big Show 2021
How To Correct LS Nav Statement Calculation Issues
Whether you use the job scheduler in LS Retail or post statements manually, occasionally you might run into an issue where the statement doesn’t calculate correctly. While this isn’t common, there are some scenarios that can cause a statement to not calculate—for example, if there are no transactions for the day, you won’t have… Continue reading How To Correct LS Nav Statement Calculation Issues
How to Mix and Match Discount Offers in LS Retail
Discounts are a common strategy for retailers to attract customers. Handled correctly, periodic discounts (by season or other) can help stimulate business during slow times, clear out unwanted stock, and increase loyalty among existing customers. However, discounts can also devalue a brand or product. It’s important to have a strategy for offering discounts, which might… Continue reading How to Mix and Match Discount Offers in LS Retail
How Retailers Keep Customers Employees Safe During COVID and Beyond
As the COVID-19 pandemic continues, it’s important to not get complacent about safety, especially if you’re a retailer. We continue to have the responsibility of maintaining service without putting customers or employees in harm’s way. This responsibility won’t stop after the pandemic leaves us; it will change the way we interact with each other even… Continue reading How Retailers Keep Customers Employees Safe During COVID and Beyond
Self-Managed Kiosks Give Retailers and Consumers a Touchless Experience
The pandemic has forced businesses to shift focus and tactics with everything from inventory and supply chain management to in-store consumer safety—but it has also sped up with was already coming. One example: self-managed kiosks. We’ve actually been using them for years in the form of ATMs, airport check-in, kiosks at tables in restaurants for… Continue reading Self-Managed Kiosks Give Retailers and Consumers a Touchless Experience
7 Ways Retailers Adapt Their Supply Chain and Replenishment Strategy With Technology and Creativity
Keeping the right products on the shelves (whether virtual or in-person) and getting those products into shopping carts is more of a challenge today than ever before. Retailers that want to survive the pandemic and shifting economy need to make adjustments to adapt quickly in areas like supply chain management and replenishment. In a recent… Continue reading 7 Ways Retailers Adapt Their Supply Chain and Replenishment Strategy With Technology and Creativity
Effective Change Management is the Key to a Successful ERP Implementation
Ask anyone who has experienced the failure of an ERP implementation the primary reason for the failure, and they’re very likely to point to poor change management. Only 54% of change initiatives succeed, which is pretty dismal, especially when you think about the impact, which not only includes not achieving results but also wasting resources… Continue reading Effective Change Management is the Key to a Successful ERP Implementation