Businesses often insist on forecasting weekly, based on considerable demand variation from week to week. The belief is that weekly forecasting will be more accurate, will improve their replenishment planning, and will lead to a better managed overall inventory. But will it?
The retail industry has been experiencing dramatic disruption from the moment e-tailers entered the picture. One major distinction in the world of e-commerce is how much more today’s consumers expect from retailers. The clearest evidence of this trend is the growing demand for a more integrated shopping experience, with the lines increasingly blurred between what happens in a retailer’s physical store and what happens online. All of this places tremendous competitive pressure on retailers—especially smaller retailers—to make their customer experiences as engaging and integrated as possible.
A common phenomenon in all supply chains is the amplification and distortion of demand fluctuations. These start off small at the retail level and amplify further up the chain. When cracking a bullwhip, the handle of the whip moves 60 degrees yet the tip of the whip moves at 360 degrees so the terms bullwhip effect is most befitting. The impact at the retail level is low and escalates further up the supply chain with the manufacturer suffering the most.
Even consumers who prefer to pay for purchases with non-cash alternatives such as credit cards and digital wallets still use cash regularly, according to recently published research of U.K. consumers and small businesses. While the preference for cashless payments has grown, there is still a strong interest in using hard, cold cash in many situations. The study, conducted by the U.K.’s Payment Systems Regulator (PSR), found that 69 percent of consumers prefer to use payment cards, but 83 percent had paid with cash for a purchase within the past week.
While shopping for a POS system takes a lot of research and the right investment, one of the most important parts of getting a new POS system is implementing it into your current operations. Once you’ve introduced your system to your business, it’s essential to train your staff and make sure they know how to make the best of its capabilities.
Everyone knows theft is a big problem in retail. Not only do shop owners have to guard against shoplifters and scammers, but the sad reality is retailers also must constantly deal with employee theft.
For more than 30 years, APG Cash Drawer has been designing and delivering cash drawers with a variety of size, color, interface, and integration options. An APG cash drawer will provide years of smooth, trouble free service with virtually no downtime, no service required, and no headaches. Our cash drawers are so well constructed and so reliable that our customers install them and forget them - even in the most demanding environments.
Radial, a bpost company, is the leader in omnichannel commerce technology and operations, enabling brands and retailers to profitably exceed retail customer expectations. Radial’s technical, powerful omnichannel solutions connect supply and demand through efficient fulfillment and transportation options, intelligent fraud detection, payments, and tax systems, and personalized customer care services.
