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As Face Mask Sales Skyrocket, what are you doing?

POS SOFTWARE

I got quite a few enquiries about my post on marketing face masks, so after talking to a few people here are my thoughts.

The spread of coronavirus is driving the demand for face masks. 

"The global face mask market size was valued at $1,523.0 million in 2019, and is estimated to reach $ 2,455.4 million by 2027 with a compound annual growth rate of 4.4% from 2021 to 2027."

The industry is looking at an annual growth rate for disposable face masks of 53% for the next few years. 

This is in a high growth rate industry with high margins! So as well as traditional brands like 3M, who are going flat out, many others are entering this space. If them, why not you too?

It sells in many shops.

 

Interested, then you should, of course, do some research first. 

Check out what is for sale in your local area, talk with your staff, customers, etc. Try to figure out your niche. Actually, why not try a few niche markets and see how they work out for you. the cost of entry is minimal. $30 can buy you 100 disposable masks, worst case your family can use them. 

Of course, common sense here is required when entering the market of where to buy and how to handle it. Worst case though if you get some stock that you cannot return, and have doubts. All you need to do is use a texture to cross out the claim, e.g. as above N95 and sell it as a face mask. If you are paying about a $1 for a disposable each and selling at $2.50, you have room to discount. 

Note although there is no legal rule for sales of face masks to the public now yet, you cannot make false claims. For example, you should not sell an N50 mask as an N95. I would advise you NOT to make any medical or health claims about your product even if you believe they are correct. However, if your face mask is washable, adjustable, or reversible, then YES talk about this.

As far as I know, there is only one Australia supplier of P2 (P2 is the Australian standard which is like N95 US standard) face masks here. It is a good place to start your search. 

If you concerned about whether you are dealing in fake face masks, here are some information on how to check spotting a fake face mask and Counterfeit face masks

As far as monitoring how sales are going in your shop, it is easy, make a new family, then every so often

Go to Register reports

Register reports POINT OF SALE

Select the "Top N Stock Sales for a Given Period"

Top Stock Items Point of sale

Put in the approriate options for this family and you get a report with the sales in order of what is selling. The rule is now, to concentrate on the top sellers.

 

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You can see retailers are selling many face masks

POS SOFTWARE

In Victoria, face mask sales were high already, but now they have exploded. I have a client that sold out in hours his whole stock on the day it was annouced. Talking to a few of my clients interstate, they are selling well there too. 

So it is not surprising that a salesman contacts me, as wants me to use my users for marketing his company range of face masks. When I asked at a price, it became clear that the cost of his masks was higher than an online retailer. So I told him, no and to come back with a real price.

But I did some research. Here is some information that may be of interest to you if you are thinking of marketing face masks in your shops. 

There are two markets. The first is for people who want one urgently and those that want it in bulk. I am sure there would be good money in buying a packet say of 50 surgical masks, which on a quick look, I saw for under $30 on eBay with delivery and selling them individually at $2.50. Of course, do some research to see what the prices are in your area first if this interests you.

If you are looking to buy them to resell them here are some points. 

The gold standard is N95, in Australia but the problem is that it is somehow this standard is legally tied down by 3M. From what I can see, most Chinese and Australian companies use KN95, which is very similar.

N95 is the American accreditation 

KN95 is the open accreditation 

P2 is the Australian accreditation 

KMOEL is the Korean accreditation 

FFP2 is the European accreditation 

DS is the Japanese accreditation 

From what I can see, all accreditations are only slightly different, check them out here.

Of course, many people do not want an N95. Besides price and availability, many find it hard to breathe through an N95.  

And we do have a range of standards. In practice, according to studies, I saw even the lower grade are almost as good for the public. The problem here is that the Australian community looks at N95, so I would not rush to stock even a slightly inferior standard like the KN90.

Note some just use a scarf, in Victoria which is useful as you can avoid getting a $200 fine here. 

If you are interested in some history of the modern face mask, is considered to being a Chinese invention invented during the Manchurian plague of 1910. 

They were in many places mandatory during the Spanish flu too

and were as controversial then as now. 

I hope this helps and if you have any comments let me know.

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Make now a stocktaking sale in your shop

POS SOFTWARE

Now is a perfect time to make a stocktake sale.

Please keep it simple and focused.

Concentrate on the stock that you need to clear. Then place them in a prominent position with a sign. Make sure that people outside your shop in front can see your stocktake sale sign.

Want some ideas of what stock to use, this is the report to use.

Go to Register reports > Stock > Slow-moving Stock lines

Now call it up here, you will get a screen like this

I am going to do it by the department because it is easier to assess and collect if you work in a logical order. Here I asked for anything that I had sold less than $100 in a year and am now stocking something.

Interestingly this shop when I ran the report had over $20,000 of worthless stock in just this department.

This is just one report in our point of sale software that can help you expand your business and grow.

 

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Where in your shop should goods now be displayed?

POS SOFTWARE

 

 

The challenge retailers now face now is uncertainty. Consumer shopping habits have changed, for example, how now people are moving around the shop. In the past people wanted to browse, now you need to get their attention in a few seconds from the distance. This is the main comment people told me from yesterday's post.

What we need to do is see how shopping behavioural patterns have changed

As such now my article here on how to make up a shopping planogram can do it for you.

All you need is our software.

A big sheet of paper

A ruler

A black pen

Four marking pens - Red, Yellow, Green and Blue

20 minutes

 

 

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Should you Allow Multiple discounts in your retail shop?

POS SOFTWARE

 

 

Multiple discounts often called stackable or cumulative discounts is a common problem in retail. 

A typical example is that a person comes into a shop with a discount voucher that you have issued say to a nursing home nearby for 5% off (which by the way is a very effective form of advertising in local retailing). Now he comes and to buy an item on discount in the shop at 20% off. A typical response among retailers is to say we will give you the best discount, which is 20%. Then tell the customer this is a much better deal than the 5% on the voucher. 

But is it the best approach? Maybe? It saves 5%. However, I attended a webinar. There the speaker told us that you need to remember the 5% discount is what brought the customer to the shop. He then went on to say that adding many discounts was more effective than providing one discount. Then what he quoted was a rather exciting research. That in the above example, the discounts of 5% and 20%, which equal 25% were more effective than one voucher for 30% off. This is despite the fact the one discount is more. Have a chew about it. 

From the comments and discussions here are some thoughts people had about it.

People react better if the discounts are in order of lowest to highest. This is because here a 5% off does not look much after a 20% discount. It looks much better to say 5% off and then 20%. 


There can be problems if one discount is an amount and the other a rate. For example, if the nursing home discount is 5% off, and the item is $20 with $5 off. 

If the nursing home discount is first: 
The price is $20 less 5% discount less $5 = $14.
We now have $20 less $5 less 5% discount = $14.25 ( This is how our POS software works. )

Please let me know your thoughts.

 

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Marketing your end of financial year sale

POS SOFTWARE

The end of the financial year (EOFY) sales typically works well so why not make one?

Consider that 

* Those tax refunds are coming. 
*  Many people's accountants are telling people to buy now. 
* Today many have benefited from the government payouts. 
* Plus now with COVID-19 shutdown, many customers have much that they need to buy that they put off. 

Well here is your mission, to think about your EOFY sale. 

Here are some ways to start:

* Now have because of the COVID-19 shutdown, many of you will have stock that needs to be moved. Look at this excess inventory, much of this, if not moved soon, will be a disaster. These might make good loss leaders.

* Ask your suppliers, they will have some ideas. Now they are helping too, I notice and they have excess stock also. 

* Check what shop like you are doing.

 

 

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What is your unique value proposition

POS SOFTWARE

Now I have noticed that people are starting to think of their shop of what it is and what they want to do with it.

You need a vision of why your target market should buy from you and not from your competitors.

This question is called your unique value proposition?

It does not have to be much.

It does not have to be great.

It does not have to be brilliant.

But it must be there.

Without it, you cannot even advertise.

 

 

 

It should contain all the following:

What you propose to do for your customers.

The relevance of your offer to your customers

Why your customers should take this offer from you instead of your competitors.

A very good place to start on this is to ask your top customers, why they buy off you.

As it needs to be clear, what I find good is to explain it to is an 8-year-old kid. somehow kids seem to be able to get to the heart of the matter better than adults with our preconceptions.

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Measure the effectiveness of your marketing campaigns

POS SOFTWARE

COVID-19 restrictions are being lifted, restaurants, cafes, pubs, travel etc. are open now, and soon the footy will come back in our lives again. To restart business many of my clients are launching campaigns or bootstrapping on someone else promotions.

This is easy to do as our software has many tools to help you to do promotional campaigns.

Every campaign needs to be measured.

This does not mean only looking at the sale of the promoted product. What you need to do is look at a campaign by analysing the total sales during the promotion. The targeted product was the enticement; what you often need to assess is the extra products that were not part of the promotion.

Now what you need is to compare these sales to some appropriate benchmark figure (budget), which is now a bit difficult to determine. Commonly used here is last year this time, plus or minus a suitable percent for your shop. Make sure that you determine this benchmark before, you do the comparisons.

Some KPIs, I would be looking at would be

#1 Sales Revenue

#2 Number of sales

#3 Basket value

#4 Gross Margins

All these come out of your software.

If you are not able to measure the results, you’ll never know how effective your promotion was, and most importantly, you will not know what works in your shop.

 

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Extending birthday offers for loyalty marketing

POS SOFTWARE

With your Customer relationship management (CRM), why not now offer an extended birthday reward?

People respond positively to birthday greetings with a positive reaction, surveys show up to 88%. This is when people do some self-indulgence and spend. It possibly the most important marketing holiday in retail as nothing else seems to bring people in like a birthday offer. Here is a screenshot of a study.

 

According to a study, 51 percent of consumers do feel special if a retailer acknowledges their birthday, and 40 percent are more likely to shop at a retailer that recognises their birthday. I believe that as nothing seems to bring people into a shop than a birthday offer.

With our point of sale software, Birthday offers record typically of about 25% success.

Now because of the COVID-19, many people have missed their birthday and only now starting to come out. Why not offer an extended period on a birthday offer now? What you are saying is that we know you could not celebrate it then but now we are getting back to normal your reward is waiting for you to use.

Here is how it works and it is easy to set up, when you are entering a VIP customer, simply put in their birthday. It is much better if they use their real birthday but if not, put in their join date. You can always correct it later if they point it out.

 

Towards the end of the month, send a VIP email or letter to all your clients who have birthdays coming up next month with your offer.

 
 
You will quickly know how well it goes for you as using our point of sale software, which is the best CRM for small business, I have seen you will have access to targeted, data-driven marketing reports that let you know how it goes.
 

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Changes in trading

POS SOFTWARE

Overall now, I estimate from our client base that general retail is down about 30%, much less in essential retail shops but there is another effect of this virus in that people are changing their spending patterns.

This is where your experience tends to work against you. What you are used too often does not apply in times of crisis like this one. 

Here is a report that can help you, 


Go to Register reports

 

 

Now select "Top N Stock Sales for a Given Period"

 

 

Now select yesterday

Out will comes a report with the top sellers for yesterday and it will look like this.

 

 

 

Now, these need to be checked that you have enough stock now as this is now what is selling.

Give it a shot and see how you go.

It is a good idea every morning now to run this report.

PS If you haven’t already, consider setting up new buying options for your customers such as home delivery and click & collect.

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