by Board Retailers Association | Nov 11, 2020 | Associate Members, Point of Sale, Resources, Retail Strategy
Board retailers, even more so than other specialty stores, tend to have extremely loyal client bases. It’s a blessing, with a small spritz of a curse: the more often they come in, the more “same old” they see. So with your best customers visiting multiple times a season, engaging them with fresh and stimulating products and experiences carries a lot of weight. High sales are great, sure, but high sell-through and margin are two inventory performance metrics that are most telling of the health of your business—and the satisfaction of your customers. Let’s back up: What is sell-through? Sell‐through = units sold / initial units received x 100 Or, a percentage that compares the amount of inventory a retailer receives against what is actually sold within a specific time period. If your reports are showing a low sell‐through—say, less than 30% over 3-4 weeks*—on certain items, brands or even full categories, then it’s time to take action to move the merchandise before it becomes even less fresh. When product is slow, retailers often resort to markdowns as the default mechanism, but doing so means your margin will take a hit. Yet when your point of sale doubles as your inventory management system, its reporting can provide intel that will allow you to push under‐performing products through other techniques. We’d wager there isn’t a single retailer out there who hasn’t made a handful of poor buying decisions, so here are a few tactics that the savvy ones use when such happens. *You may have different optimal selling periods for different categories or even store locations—more on determining these benchmarks later!...
by Board Retailers Association | Oct 20, 2020 | Associate Members, Point of Sale, Resources, Retail Strategy
Have you ever worked a 10,000 piece puzzle? Imagine all of those pieces spread out on your table. Where do you start? How do you start? You probably have these questions about how to thrive coming out of the COVID-19 retail challenges. Here’s how we recommend you start: Invest in e-Commerce: We expect e-Commerce growth trends to extend well past COVID-19.Control Inventory: Regularly review sales performance and inventory on-hand reports daily, weekly, and monthly to understand what inventory is moving.Reward Loyal Customers: Use frequent buyer incentives to support customers who support you. You can’t snap all the pieces of your business together at-once, but you could start here. The truth is there are many strategies to working puzzles, but the most important step is that you have to start. Marveling at all of the pieces won’t snap them together. BTW, the pro tip is to make sure all puzzle pieces are face up, sort them by color, and set aside the edges or corners. Reach out to book a demo with RICS and see how we can help! Tom Schrepferman RICS Software VP, Sales tom@ricssoftware.com 317-275-5941 BRA note: We are very pleased to mention that RICS Software is a BRA Supporting Vendor Partner who is currently offering fifty percent (50%) off all on-boarding fees and fifty percent (50%) monthly fees for the first twelve (12) months as well as a deferral of payments until 2021 for all BRA Distinguished Retail Members. Be sure to mention BRA when connecting with Tom and the solid people behind this outstanding resource. – Doug Works, Executive Director BRA If you are not yet...
by Board Retailers Association | Aug 11, 2020 | Corona Virus, Point of Sale, Retail Strategy
While there’s no evidence COVID-19 can be transmitted by cash or credit cards, the use of mobile payments and contactless cards has taken off in recent months over concerns about touching surfaces, according to research from the National Retail Federation’s “State of Retail Payments” study. Among the findings: Sixty-seven percent of retailers now accept some form of no-touch payment.Fifty-eight percent accept contactless cards that can be waved past a card reader or tapped on the reader, up from 40 percent last year; Fifty-six percent take digital wallet payments on mobile phones, up from 44 percent;No-touch payments have increased for 69 percent of retailers surveyed since January. “Retailers are putting health and safety first and have rolled out a variety of no-touch payment options in order to err on the side of caution,” said Leon Buck, NRF VP for government relations, banking and financial services, in a statement. A separate consumer survey found 19 percent made a digital payment in a store for the first time this May and 57 percent would likely continue to do so once the pandemic has subsided. Of those, 62 percent used their phone and 56 percent used a contactless card. Visa’s just-released “Back to Business” study likewise found consumers significantly prioritizing contactless pay, while Mastercard just reported strong quarterly growth in contactless and digital transactions. On the downside, according to NRF’s study, higher costs, including fees for processing transactions, are the top concern for 67 percent of retailers that accept no-touch payments. Banks charge a fee averaging about 2.5 percent when a credit card is used for an in-person purchase, and the fee climbs slightly higher for transactions made online or...
by Board Retailers Association | Dec 9, 2019 | Industry, News, Point of Sale, Private Label, Resources, Retail Strategy, Skateboard, Snowboard, SUP, Surf, Trade Shows, Vision, Wake Surf, Wakeboard, Women's Market
Such an outstanding event. Massive thanks to the Distinguished Panel and Supporting Event Partners including Surfing Heritage and Culture Center, Locally, Solite Boots, Action Watch, Exchange Collective and Sambazon as well as all of the Retailers, Brands and Vendors that attended this outstanding Regional Retailer Roundtable Event. Check out the Highlight Reel by clicking below. Filmed and Edited by Noah Schuler. The next BRA Regional Roundtable will happen at Surf Expo in the Learning Lounge on January 9, 2020 at 4 pm. For additional details on this and other upcoming BRA events, click:...
