How Your EPOS Software Helps You To Get Better Prices From Your Suppliers

Here's a quick and simple way to bring down your cost of goods sold and boost your profits....

Open your epos software and draw up a sales report that summarizes the profit margins for your providers.

You can use that data to negotiate better prices with your providers.

Many retailers fail to ask discounts since they don't feel like they have the leverage of the big young men. It’s not true in most of the cases. You just need to ask. The worst answer they can say is no.

For example, you could call your provider and say, "I'm taking a look at the reports in my POS software and analyzing the profit margins for my business. I can see that you're one of our top providers but our margins on your products are low.

 

In fact, they're 8% lower than our top two sellers. We truly like your products and we like ordering much more, but we need to get more money. What would you be able to improve discounts permanently?"

I think you get the idea. This is important and more powerful than simply saying, "Can I be able to get discount?"

In case if you don't have an EPOS system you can get this data, but it will take a long time to create it. With the right EPOS software, you can whip out this data in almost no time.

You'd be stunned how just asking for better prices from your providers can knock off a bug chunk of your stock costs. What's more, having genuine data before you makes it easier get what you need.

How To Use Categories In Retail POS Software And Get The Best Results – Part 1

The first tip should be simple and powerful way of increasing profits. Also, it's something you have to start doing immediately!

When you start using your retail POS software, you have to add your stock, Right? You take each bit of merchandise and enter the product number, price, selling price and other pertinent data into your POS system. At that point when you sell those products, the retail till software recollects the details of every transaction - so you can pull up a large variety of reports at a later date and time.

For example, you can pull up a report that shows what number of XYZ devices you sold yesterday. Presently this is amazing in itself, yet there's an important and powerful way to use your point of sale software.

One of the most important steps is to get on your retail POS software is to assign departments and categories to each inventory product. In any sort of situation, few retailers use departments and categories effectively. This is an important step to getting the most of your retail POS software.

When done in a right way, categorizing your inventory can give you powerful data that allows you to manage with your business more effectively. Let me give you a simple example and show you how to use this data to maximize your profits...

 

Above all, as a general guideline you should not have in excess of 10 departments and 10 categories within each department. In case if you assign more than 100 categories, you'll end up with an excessive number of insignificant categories that record for less than 1% of your business. Most of the retailers think they need more categories, however even the biggest retailers in the world manage their businesses with great success by using under 100 categories.

The technical definition of category can be defined as a group or combination of merchandise that the customer finds interchangeable. While creating your categories, consider what your customer is going to purchase. For example, if a customer walks into your store searching for a tent, they likely won't purchase a bicycle, but may choose an alternate size or brand of tent. So tents could be a category.