How To Know Which Products Make The Cut
When running a successful retail business it is important to be able to choose inventory based on what will sell. This will remove the non-sellers and items that don’t fly off of of the shelves. However, you also want to be able to stay on trend and offer new products time to time, as well as keeping the proper stock quantity.
Below are a few ways you can not only use mPower to assist in product choices, but other factors as well.
Keep Hot Items Stocked
Have you noticed a particular customer market that shops in your store? Do you know what they are currently purchasing? By knowing your customers and what they purchase, you can be sure to keep your shelves stocked with the right amount of product. This will allow your employees to never say “Sorry, we don’t have that in stock,” ever again.
With mPower’s Liquor POS our features can help you manage your customers and items seamlessly.
These features include:
- Customer Management
See who your top customers are and what items they are purchasing. This will also allow you to send them marketing material to come into the store to try a new product that is similar to what they are already purchasing.
- Par Counts
Utilize minimums and maximums within items to always make sure you have items on the shelf. If an item drops below the par count, it can be added to a purchase order seamlessly with the need-to-order feature.
This is an important piece of the puzzle; especially within the millennial market. They are always looking for the next best thing. This includes trying every new product that comes out. Some stick around year after year like the Summer Shandy or Oktoberfest. And some just don’t make the cut and you can’t find them the following year. Knowing what is on trend and what to purchase can help you tremendously.
mPower can help by utilizing these features:
- Need-to-Order Reports
These reports help you keep your shelves stocked and ordering simplistic. Our need-to-order reports include case deals, day supply on hand, and par counts. The day supply on hand can help you determine which products have had a spike in sales due to trends and how many you need to purchase to keep that item on the shelf. As the trend fades, your purchasing for that item should also decrease.
- Track Seasonal/Vintage Items seamlessly; with Sales History
Additionally, being able to track seasonal/vintage items with the same UPC, you can easily know what you need to order during that particular season. How many Oktoberfests did you sell last year? With last years sales history, make educated business decisions by buying the right amount of product.
To Keep or Not To Keep?
Once you have purchased new items, or even evaluating what is currently on your shelf, you may not only know which products you will repurchase but which ones should expire. You may even decide to keep a product a little longer to see if it is keep worthy for long-term. Don’t give the product just one month though – give it a good amount of time such as six (6) months. This will allow you get really good sales data.
How can mPower help?
- Zero Movement Report
This report will let you know products that haven’t sold in a long time and when the last time they have been sold. This will allow you to easily see which products you should discontinue.
- Detailed Sales Report
By using the detailed sales report, you can sort by the vendor, merchandising level, SKU’s, and more. Once you have filtered out the report, you can see which items are really taking off. This can be helpful if you want to look at the entire Liquor or Wine departments, or even compare items from the same supplier.
Luxury Will Always Sell
This is not saying luxury will always sell 24/7, but there are a few customers who want the premium items, the hard to get items, specially ordered items, and some that are in the high price bracket. Don’t count these items out when you are looking at making purchases. Buy one (1) item of that product and market it to your customers. How quickly did it sell? Are other customers wanting the same product?
Depending on how many customers take to your one luxury item, you may consider to keep more on-hand. This can be great in certain departments such as Scotch or Brandy where customers tend to purchase the higher dollar items.
The data you get from your liquor store point of sale software is an important tool. Use the data daily for not only seeing how much as sold or profit, but to see what your customers are purchasing and to make smart buying decisions. Knowing what you should buy would be a win-win for you and the customer. You don’t have items that don’t sell taking up shelf space and the customers always know you will have what they need on the shelf.