Retail mix – “Product – Price – Place – Promotion”
The above 4 components are most important for a retailer. Almost every retailer uses permutations and combinations of the above to manage their everyday business. But successful retailers do a little different –
Successful Retail mix – “Product – Price – Place – Promotion – POS – Profit”
POS is a very important component and complement to any retail business. It manages all the 4P’s and delivers the much needed P – Profit. Thus, choosing the right POS is very critical as it becomes the fulcrum to controlling all business operations.
Retailers generally take no time in altering and changing the 4P’s if they do not aid to the business growth. But seldom do we evaluate the performance of a POS and the business impact it makes. Ask the following questions about your POS –
Is your POS
- Capable of increasing sales and revenue opportunities?
- Capable of understanding customer needs and allowing you to maintain optimum stock?
- Helpful in creating smarter sales staff to ensure great customer service?
- Reducing spillage and controls thefts and malpractices?
- Future proof? – can it be topped up with features and clients as you grow within the store or with more store?
- Helping you monitor business through your laptop, tablets and smartphone?
If the answers to the questions are ‘NO’. It gives you a reason to reconsider. An incapable POS is a giant speed breaker to the business, a capable POS should allow you to constantly go forward, further and farther
This Diwali, we urge you to upgrade your retail and go GOFRUGAL. Profit now