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Every retail business is concerned with its bottom line. Competitive enterprises must keep track of many different kinds of information to maintain healthy margins. Reporting can be one of the most effective tools for recording and analyzing crucial retail information. From efficiently tracking inventory to customer relationship management (CRM) reporting, custom POS reporting can help retailers cut costs and increase profit margins.
Pricing is one of the key components to retail success. Accurate pricing increases the likelihood that a customer will buy a product and maximizes a business’ profit. Custom retail reports help companies determine the best price point for each item by documenting and analyzing sales trends. If reports indicate an increased demand for a product, a business can respond by increasing the price or negotiate a better volume cost from the vendor. Reporting can also help eliminate pricing errors by organizing price information into a manageable list that can be easily checked for accuracy.
Inventory is a retailer’s lifeblood, and proper inventory management can increase profit margins by reducing wasted time and merchandise. With up-to-date inventory reporting, retailers can see exactly what they have in stock at any time, eliminating the need to spend time manually searching for inventory items.
Furthermore, using a comprehensive POS with inventory reporting will help documentation and reduce shrinkage due to internal or external theft. The first step to stopping shrinkage is knowing what items shoplifters are regularly taking. Inventory reporting helps retailers identify shrinkage so they can better protect merchandise.
CRM reporting allow businesses to collect and manage current and/or potential customer information. Using CRM reports, retailers can maintain existing customer relationships and generate new business by targeting marketing efforts to potential clients.
For modern retailers, reporting provides many benefits and no drawbacks. Applied properly, reports can save valuable time and provide the information necessary to reduce waste and increase profits.
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