While news outlets report bad news in terms of retail business insolvencies at the start or 2024, here at Tower Systems we are grateful to share the news that plenty of retailers in local small business specialty retail channels have reported an excellent start to 2024.
We have seen 2024 versus 2023 sales comparison data for many businesses reporting double-digit sales growth. For many, this is on the back of strong growth in 2023 over 2024.
There is a common thread among the businesses reporting terrific growth and that is good use of business data informing good business decisions.
This good news for local small business retailers is not something news outlets will report. They remain fixated on big businesses, names people recognise. In towns and cities, on the high street, it is local retail that matters more, shops owned and run by locals, shops that make a difference in the local community.
One retail business reported growth of 22%. They achieved this by entering a whole new category for their business, one they discovered after analysis of business performance reports from our POS software being used in the business.
Smart POS software plays a role in helping local retail businesses to do well.
We work with retailers who want to engage, assessing their business data, sharing insights we see in their business evidence. We don’t tell retailers what to do. rather, our approach is top share what we see and leave the rest up to them. The insights offered by our POS software are comprehensive and specific to each business.
So while news outlets preference negative news, there is this good news out there for local small business retailers that have had an excellent start to 2024, with double-digit sales growth. Newsagents, jewellers, pet shops, gift shops, homewares shops, garden centres, produce businesses, fishing shops and plenty more are trading against the trend you read about in mainstream media.
The news is good for plenty of local retailers and here at Tower Systems we are grateful to play a small role in good news for 3,500+ local small business retailers.
Let’s shine a light on a few inspiring examples.
One local retailer saw a 15% increase by analysing their Tower Systems POS software data to identify understocked products. By reducing out-of-stocks they had been missing they increased sales.
Another local retail shop leveraged POS software data insights to expand an already strong category into new niche areas. This proved a hit with several thousand dollars in new shopper traffic revenue.
Another local retail shop leverages their POS software data to quit dead stock and use the freed capital and space to expand two product categories that POS software data revealed as having greater demand opportunities than the business was satisfying.
Plenty of local retail businesses are thriving! By embracing data and prioritising their communities, these small shops are not only surviving but flourishing.
So next time you need that perfect gift, a delicious treat, or something to spruce up your home, skip the big box stores and seek out your local gems. You’ll be surprised by the selection, the service, and the positive impact you’ll have on your community. Shop local, celebrate local, and be part of the local success story!
Tower Systems proudly supports independent local retail businesses with POS software that is made and supported locally.
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