Each week we provide our customers with easy actionable advice on easy to use the POS software we make to run more valuable local retail businesses. here is advice we provided our customers last week:
Good morning. Grab a coffee or tea and spend 5 minutes with us:
Open Retailer. Go to Reports. Select the last option, Insights Dashboard. Click on What’s Not Selling. This tab will list products not performing. You can adjust settings to suit your specific business.
Stock that is not selling is dead stock, capital tied up, space tied up.
Once you know what is not selling you have the opportunity to act in a targeted way to quit the dead stock and not order it again.
Many retailers ignore looking at dead stock. Some don’t want to know while others are scared to discover it and others don’t think it is important.
In our experience, a retailer looking at dead stock for the fist time will discover that around 20% of their total stock on hand is dead. In a business with $120,000 in stock, that’s $24,000 in capital at risk. Can you afford to have $24,000 doing nothing for your business?
Listing dead stock is one way you can make more money from your business by using your Retailer software.
The Insights dashboard provides easy access to actionable insights into your business. It helps you make more money.
Do it now: Open Retailer. Go to Reports. Select the last option, Insights Dashboard. Click on What’s Not Selling.
If you’d like help doing this or understanding, please reach out. Also, our knowledge base offers an awesome video about the Insights Dashboard.
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The feedback from our customers about this and other advice encourages us to each week provide ready to use advice to our customer community. Since we only serve local small business retailers, our approach is targeted. Their needs are similar across the various retail channels in which we serve.
Now, in our advice when we refer to Retailer we are referring to our own POS software. That’s been its name for 27 years now. We changed the name in 1997.
We’re not your usual POS software company. We are grateful to offer practical retail management help and advice beyond what its usual for software companies.
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