History Of The Retail Business

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From starting with a bartering system to selling products in-store, the retail business experienced a vast advancement with time. This continuous growth leads to a new trend of online selling and webshops that gives retailers a new way. There were mom-and-pop stores in the 18th century where the family-owned independent retail businesses sold only one particular item like groceries, drugs, fabrics, toys, tools, and general merchandise items for daily usage. Later on, in the late 19th century and early 20th century, the concept of available stores emerged that dramatically brought a new trend in economic and business activities and opened new doors for new jobs and new ways of living. These general stores don't just sell products and services but also provide entertainment events to appeal to customers so that they buy more products today. These activities are reshaped as promotions, coupons, and sales that provoke the customers to shop more. 

With time, new inventions emerged and became part of the retail business as the first cash register was invented in 1883, made up of a metal tap and simple mechanics that record sales. We are using these cash registers but in a highly advanced form with more functionalities such as Point of Sale software that not only keeps track of the inventory, sales, and customers but also manages multiple business operations and keeps businesses aligned.  In the mid-’90s, the shopping malls emerged to provide a central location where customers could easily shop from numerous retailers under one roof. Finally, in the late 1990s, the idea of e-commerce emerged as more and more people had access to digital technology, so they felt more convenient with online shopping. 

The current marketing statistics highlighted that around 90% of businesses use social media sites to market their business to catch online customers. Similarly, the growth of online retail stores is elevating, and businesses are thriving to keep up with the latest trends. The research highlighted that 67% of millennials preferred to shop online compared to visiting in-store. Therefore setting an online business presence is as essential as having an in-store shop. 

Retail Market Business

As discussed above, the retail industry experiences up-gradation over time. At the same time, lifestyles and consumer behavior in shopping are also changing. Previously customers preferred to shop in-store now, and their busy lifestyle pushed them to shop online. According to the 2018 retail sales statistics, online retail store sales hit $6 trillion. Additionally, global retail sales are expected to grow more in the coming years. Successful brick-and-mortar stores are using both ways, i.e., online and in-store presence, to attract more clients. 

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The Conventional Approach To Do Retail Business 

If you want to expand your business, then it is better to improve the overall performance of your business. Then, it is suggested to follow the latest trends by expanding online, improving your store’s online presence, and maintaining a better sync between online and offline channels. E-commerce has made itself a positive experience for customers. If your business gives your customers ease to shop online and offline with better facilities, cloud-based POS software will be the best conventional approach. Similarly, the retail inventory method for doing business is also a traditional approach for your business. The good thing about the retail inventory method is that a Point of Sale software retains the capability to automatically track inventory, sales, customers, profit, and sales. 

Retail Traps That Affect Business

Many environmental factors are the variables that affect retail business operations. The business needs to consider these pitfalls and risks and avoid them when operating its business. Some of the prominent retail traps are highlighted below:

  1. Have less knowledge regarding the latest business trends. 
  2. Not choosing the correct location or making your business accessible to customers. 
  3. Not investing in building a well-thought business plan and not sticking with the business plans.
  4. Poor management of suppliers, staff, cash flow, and inventory. 
  5. Not having a business presence on the website. 
  6. Not maintaining professional contacts and expanding your network towards experts.

Benefits Of Using POS

To avoid the retail traps and environmental factors that impact the business performance, using POS software will be an ideal choice. Especially the cloud-based Point of Sale software solutions like Howmuch POS. A POS simplifies many complex retail operations and makes it easier for managers to carry out their functions more conveniently. Many compelling reasons prove to be beneficial for you to use POS. Some of the significant benefits of using How Much POS are given below:

  1. It manages your inventory in real-time and keeps track of every single item, and maintains optimal amounts of stock in your inventory to minimize losses.

  2. Howmuch POS simplifies invoicing and records all the purchase details, sales, service charges, tax, description of goods, transaction value, and every information.

  3. It makes your sales and payments better and faster by accepting multiple payments and making it easier for the customers to complete transactions conveniently. 

  4. With Howmuch POS, you can manage customers more appropriately and incentivize them to visit your store more often. 

  5. Howmuch POS increase your business's revenue by properly managing purchases from suppliers. It keeps everything in place and maintains a vital check on the most essential and least essential products. 

  6. One of the best functions in Which POS will optimize revenue is its cross-selling features that offer relatable items to the customer when shopping. Hence, it increases customer experience and business revenue. 

  7. Howmuch POS increases customer loyalty and service by offering customers fast, innovative, and reliable service to meet their expectations, reducing the risk of losing customers. 

  8. The best thing about the Howmuch point of sale solution is that it is highly reliable and secure, and it backs up all the data in its cloud storage. It eliminates the threat of data loss or breaching. 

Read 

Supplier Management With POS

POS As An Innovation In A Time Of Certainty



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