News | Retail Tech, Inc. - Point Of Sale System Solutions

Cut Costs and Save Money with a POS System

April 18, 2018Andy Wojtowski — Posted in TechTOPICKS

Not only can a POS system do more than a traditional cash register, but it could also improve the efficiency, organization and overall function of a retail store or restaurant. This, in turn, could improve business operations, saving a significant amount of time, effort and money.

But how, specifically, can an efficient point of sale system improve performance and cut costs? A recent article on pointofsale.com discusses the benefits of a POS system for the bottom line.

Inventory Management

Point of sale systems allow for automatic inventory tracking instead of forcing employees to manually track the items that are added and removed from the retail store or restaurant inventory. Not only does this save a tremendous amount of time, but it eliminates the threat of human error. In addition, having a better handle on store inventory at all times will assist with loss prevention.

Reduced Data Entry

It’s important for retailers to capture customers’ information in order to follow up and reengage. If retailers and restaurants can enter this data just once, it will reduce register wait times and improve customer retention.

Better Use of Time

Instead of manually analyzing sales trends and item popularity, make a POS system do it for you! Not only will this save valuable manager time, but it will allow for a deeper dive into the numbers and the ability to adapt to trends with greater speed and agility.

Improved Organization

When a restaurant or retail store tracks sales, customers, inventory and trends manually, a lot of paper is used. In the busy retail industry, managers often don’t have time to implement and use a detailed filing system, leading to a disorganized office space, missing files and a general sense of chaos. With a POS system, all of those metrics are tracked and stored digitally, reducing clutter and the wasted time and energy that go with it.

Ready to switch to a point of sale system? At Retail Tech, we carry the latest in POS systems, POS printers, hybrid POS solutions, and refurbished POS systems. Not sure what your business needs? Just give us a call and we can help you find the best solution for your business and budget.

Refresh Your Retail Merchandising for Spring

March 14, 2018Andy Wojtowski — Posted in TechTOPICKS

Spring is on the way, which means that retail stores are launching new product lines and in-store displays focused on the upcoming summer months. Spring is a time for new beginnings, which offers a great opportunity to review and think your overall retail merchandising strategy and execution.

Doing so will revitalize your store’s look, and could lead to better customer engagement and higher sales. It may also be a good idea to refresh your point of sale equipment at the same time, which could help achieve those same goals.

In a recent article, PointofSale.com laid out five retail merchandising mistakes to avoid. We’ll discuss them below.

Making it difficult to find products

The shoppers of today are busy, and are probably coming into a store with a specific idea of what they’re looking for. Grouping like items together, adding signage, and posting a map of your store can help ease confusion and frustration.

Not having a merchandising plan

A good merchandising plan includes: a seasonal plan for each department, a budget for store fixtures and signage, and a merchandise planning system to maximize turn and minimize markdowns.

Failing to merchandise the checkout area

Leverage this potent sales zone by offering add-on products, and highlighting new and best-selling products behind the registers.

Not placing mirrors strategically

Did you know? Mirrors placed smartly throughout a store can improve customer behavior, reduce shoplifting, and make smaller spaces look larger.

Not reviewing merchandising performance

Much like you review your employees’ performance, it’s important to review the performance of your merchandising, signage and displays. Are they maximizing or hurting sales? How can they be improved? Use your point of sale system to run and analyze sales and inventory reports, which will help you find new and better ways to merchandise your store and increase sales.

As retailers work to improve store performance, Retail Tech is there to help with a wide variety of new and refurbished POS equipment. We offer installation and staging, PoS printer repairs, and more. Contact our POS systems specialists for help finding the perfect point of sale solution for your retail store.

New Tactics Are Essential As Retail Landscape Shifts

November 21, 2017Andy Wojtowski — Posted in TechTOPICKS

The increasing popularity of online shopping, combined with years of chronic overbuilding and shifting consumer preferences, has led to what some are calling the “retail apocalypse.” While the word “apocalypse” is probably much too dramatic, it’s true that traditional retail is experiencing a downturn.

The most recent example of the ongoing issues in retail is the bankruptcy filing of Toys “R” Us, which occurred after unsuccessful attempts to reverse the company’s lagging profits. An article in the Harvard Business Review discusses the Toys “R” Us bankruptcy and whether it truly indicates an “apocalypse” for traditional retail.

According to the article, the current changes in the retail industry are nothing new. Fifty years ago, department stores became popular in urban centers, while the rise of the automobile led to suburbs and shopping malls. A number of big box discount stores, including Toys “R” Us, opened, attracting consumers looking for a wide variety of available items and low prices.

Now, 50 years later, consumers are again looking for variety and low prices – and they’re finding it online and in mass retailers. More fundamentally, the article states, “the basic function of a physical location has changed.” Previously, the brick and mortar store was the only place at which a transaction could take place. Now, sales take place anywhere, any time.

If retailers are going to succeed in this new 24/7 industry, they need to do more than simply offer sale transactions. They need to offer a service, solve problems, build relationships and, ideally, upsell.

Another innovative idea is the “shoppable showroom,” in which customers can do everything they’d normally do in a retail store – get fitted for clothing, test new items, place orders and make returns – but at a store in which no actual inventory is stocked.

Whatever the ultimate strategy, the article encourages retailers not to double down on a losing tactic, but to be aware of the trends and shift efforts to meet what customers want now.

As retailers navigate the changing landscape, Retail Tech is there to help with a wide variety of new and refurbished POS equipment. We offer installation and staging, PoS printer repairs, and more. Contact our POS systems specialists for help finding the perfect point of sale solution for your retail store.

Evaluating Restaurant Performance Metrics

October 13, 2017Andy Wojtowski — Posted in TechTOPICKS

The restaurant industry is notoriously difficult. Long-term restaurant success and profitability can be hard to achieve, making it vital to be aware of the day-to-day performance of the business. To make that easier, PointofSale.com recently published an article highlighting seven key restaurant performance metrics, with advice on how to evaluate them. We’ll share those tips below.

For point of sale systems to help with restaurant efficiency, performance and reporting, check out the full Retail Tech catalog of new and refurbished PoS systems.

Break-Even Point

This number – which is the amount that a restaurant must make in sales to earn back an investment – should be calculated first. Then, additional projections can be made based on that number. It can be used for the opening of a new restaurant or when a big purchase or improvement is made.

Cost of Goods Sold

This refers to the cost required to create each of the items sold to customers. Because this is usually one of the largest expenses for restaurants, this will allow owners to identify ways to minimize these costs.

Overhead Rate

This is a way to look at a restaurant’s fixed costs (rent, utilities, etc.), broken down to an hour-by-hour or day-by-day basis, allowing for a more incremental view of how much it costs to run the restaurant.

Prime Cost

This is the sum of the cost of goods sold (detailed earlier here) and the total labor costs, including wages, benefits and any others. This is a good summary number of all of a restaurant’s controllable expenses, and shows how careful labor management could lower costs and increase profit.

Food Cost Percentage

This is the difference between the cost of the ingredients in a specific menu item and that item’s selling price.

Gross Profit

After accounting for the cost of the goods sold, this number shows the profit made by the restaurant, which represents the money available for paying expenses and for profit.

Employee Turnover Rate

Because the restaurant industry has a high turnover rate, it’s important to track employee turnover – the percentage of employees that quit or are fired – for maximum operational efficiency.

Experts recommend that owners calculate these restaurant performance metrics regularly – monthly or weekly – and identify trends in order to identify and fix problem areas and improve performance and profits.

Retail Tech is proud to be a partner of the restaurant industry. We carry a wide variety of new and refurbished point of sale (PoS) systems and parts. We offer key services, including installation and staging, and PoS printer repairs. Contact our point of sale systems specialists for help finding the perfect solution for your business.

In Today’s Retail Industry, Personal Connection is Key

September 21, 2017Andy Wojtowski — Posted in TechTOPICKS

It seems that every article or thinkpiece that discusses the retail industry has one message: retail is dying. But, as a company that works closely with retailers of all different sizes and in different markets, we at Retail Tech know that is simply not true. Retail is changing, yes, and business owners and employees will have to change the way they do business in order to keep customers coming back. But there are easy ways to do that: make a personal connection with shoppers, and make their shopping experience pleasant.

These simple strategies were outlined in a recent article in Forbes, which described the role of brick and mortar stores as shifting from sales to experience. In contrast to recent retail trends that move customers out of physical stores and toward online shopping, the article states that several online-only companies are now opening physical stores in order to get a more personal connection with their customers.

The problem those formerly online-only stores then experience, however, is familiar to longstanding retail companies: how to make shopping more human-centered while still meeting sales goals.

So what can retailers do to ensure that they’re making those personal connections? The article offers two pieces of advice.

First, be invisible. This refers to the store’s point of sale system and other technology. Make shopping simple, and consider integrating digital tools that enhance the customer experience. But don’t make the technology the main attraction – focus on products and the overall in-store shopping experience, and your customers will keep coming back for more. “Used correctly,” the article states, “technology can create moments of customer service magic that leave a lasting memory.”

Second, be seamless. Today, the article states, “customers expect brands to know them, understand their needs and deliver consistent service everywhere.” If the majority of your business channels are operating seamlessly, but one or two cause hiccups and headaches, guess what your customers are going to remember? Make sure all aspects of the customer experience run seamlessly.

If it’s time to update your point of sale technology, Retail Tech can help. We carry a wide variety of new and refurbished PoS systems and parts. We offer integration and staging, PoS printer repairs, trade-ins and disposal. Contact our Minneapolis PoS systems specialists for help finding the perfect solution for your business.