Tag Archives: survey

POS Software for Retail Outlets

POS Software for Retail Outlets

A well-known giant in the IT and consulting space conducted the 2014 North America Consumer Payments Survey with a sample size of 4000, in order to understand and anticipate the forthcoming changes in the mode of payment preferred by consumers when they check out of retail stores. The results of the survey are startling enough to serve as a wake-up call for the honchos of organized retail, especially for those who are sure enough that data analytics is the only area they need to invest focus on.

By 2020, it is expected that 18% of the shoppers who were part of the survey are likely to use Bitcoins and other digital currencies for paying their bills at point-of-sale or POS counters. More importantly, 40% of those who were surveyed gave an affirmative reply when asked if they had made at least one payment by using their smartphones in last seven days or so, which was a meager 16% back in 2012. All these statistics unmistakably indicate the gradually growing global trend of diminished usage of cash, credit cards and debit cards – instruments of financial exchange that dominate the POS transactions across the world.

Demographic analysis of the data collected during survey suggests that individuals born in the late 1980s or later are leading the trend. A new breed of consumers has emerged with gross annual family income surpassing $150,000 and they are not reluctant to flush retail stores with digital currencies during payment. In fact, among the shoppers belonging to the high-income group, 19% have adopted digital currencies as the chosen mode for transacting at POS counters. As a result, it is expected that by the end of this decade, cash payments will be reduced by 12%, accompanied by a slump of 6% and 3% for debit cards and credit cards respectively – demonstrating a decline in the popularity of plastic money for the first time in 50 years.

Most certainly, top executives of every big name in the organized retail sector are grappling with multiple issues. With the threat of losing competitive edge in alluring the young and tech-savvy consumer segment that is cash rich, also comes the cost-benefit ratio of investing on futuristic payment acceptance mechanisms. When the majority of consumers with modest spending power are still quite comfortable with conventional methods, decision makers are facing the dilemma of prioritizing one segment over the other.

However, as with other cases of common people adapting to new technologies, there is also a flip side that needs to be considered. According to experts, the wide scale availability of POS hardware and software that will facilitate payment by using smartphones is a big question. The hardware, being manufactured by a handful of companies, will hit the market pretty soon in a coherent manner. On the other hand, innumerable big and small software firms that codes standard as well customized POS software for retail outlets will have to start from the scratch, simply because of the hardware compatibility issues. Since this is an emerging genre of technology that is yet to be embraced by the mass, there will be disparity regarding the packaging and pricing of software. Consequently, it will not be feasible for retailers to simultaneously install and maintain both the types – the one that favors mobile payment and the other, which is commonplace. Thus, for average retailers, the conventional transaction methods will still bear the same significance.

Author’s Bio:-

Steve Jo is an authority when it comes to POS software for retail outlets. He is the chief software architect of Swadesh Software Private Limited.

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7 Ways To Increase Cash Flow And Your Net Income

7 Ways To Increase Cash Flow And Your Net Income

Download Check your cash flow – Royalty Free Stock Image
from © Dreamstime.com There is no denying that we are currently in a global financial decline which is causing people to spend less and companies to produce less. However, this situation does not mean you should throw in the towel or stand still and do nothing until things blow over.

Let me share a secret with you. To create a strategic plan to help you succeed and thrive in your business no matter what the economic conditions is not complicated, nor does it have to be overwhelming. It just requires a bit of advance planning.

You see, the main reason why some business owners are not being affected very much by today’s market is because they have long- and short-term marketing and growth plans. In addition, their short term plans can be quickly shifted around to accommodate day-to-day market fluctuations.

The most common way to gauge your success is by having systems to track everything you do in your business. This will allow you to know which services or products are bringing in the most profits and subsequently how much money you get to keep (your net income).

If you have been caught ill-prepared for the current financial turmoil, and are having cash flow problems don’t worry. Today is a new day, a new beginning to remedy your management shortcomings. If you have been inconsistent with marketing planning and have overlooked the establishment of a sound business growth system, I can offer a quick remedy that you can implement to help you weather these lean times. Starting…NOW!

Here are a few ways to increase cash flow and your net income:

1. Price your services for profit. Many business owners start cutting their prices, and though this strategy provides more immediate income, it hurts you in the long run. Do not cut your prices; instead increase your value. Even standing in a financial quagmire, people want value. I believe your tactic should be to reduce your customers’ fear of spending and increase value by offering a stronger guarantee, a better return policy, more access to you and/or your staff, a better payment plan and so on.

2. Establish invoice systems. You’ll get your money more quickly and consistently.

3. Drop projects that are not bringing in money. Go over your reports and either drop or postpone any project that is currently causing cash drain.

4. Spend most of your time promoting or selling income-generating services and products.

5. Increase efficiency of your marketing dollars. Increase marketing tactics (“systems”) that have proven to be profitable. As loyalties loosen, your competitors’ customers are more willing to jump ship.

6. Add a new marketing channel. If you are promoting online, then venture into offline marketing and vice versa. If you are marketing via print, then pick up your cell phone and follow up. Your tactical mix will depend on who you are targeting, but bear in mind those solo business owners who show their tenacity in the coming months will be the ones who increase their market share as competitors drop off. Now is the time for you to extend or complement your existing marketing strategy.

7. Find out what your market wants. It’s crucial that you know your clients. Make sure your offer is on target with crystal clear benefits and a distinct, differentiating feature from other aspects of your business. One of the best ways I know to find out what your niche market is willing to buy right now is by conducting a survey.
There are different survey types depending on where your customer resides and how they operate. You can run a telephone, email or main page survey. Use the results to craft a unique message, create a new product or service and beat your competition.

Hint: When you speak to your clients on the phone, weave in a few fact-finding questions or ask them at the end of your call to do an informal survey. You also can run an email survey to keep costs down, or you can use email combined with a web-based software for surveys. Consider putting up a survey on your main Web page or on your “Thank You” or “Squeeze” pages.

This article will not have any power unless you integrate the great ideas I have shared. Make a promise to yourself and your business to integrate at least one of these strategies into your business in the next 30 days. If you make more than one of these changes, you’ll see things happen even faster and not have to worry about where that next check is coming from.

If you are ready to improve your small business cash flow go to http://www.ezbusinessgrowth.com/fsm to discover easy ways to build a consistently profitable solo business around your lifestyle and
with less time commitment.

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