Here are two reasons why the present card payment system is wrong.

The current card payment system in Australia is fundamentally flawed. It unfairly burdens merchants, particularly on small businesses. While convenient for consumers, this system has created a cost crisis that threatens the viability of many Australian retailers.

The Card Payment Boom

The increase in card payments has been remarkable, but it has also placed significant financial burdens on merchants as I will show.

The Cost of Convenience

Merchants bear a significant portion of the costs associated with card transactions:

• 50% of fees on debit card transactions
• 80% of fees on credit card transactions

These costs are mainly in the interchange fees, which make up about 80% of merchants' total fees for card transactions.

Understanding Interchange Fees

Interchange fees serve several purposes:

1. Transaction processing: Covering the costs of handling electronic payments
2. Risk management: Mitigating fraud and credit risks
3. Network maintenance: Supporting the infrastructure that enables card payments

Although the fees have dropped over time, as card usage has increased, total card costs have skyrocketed.

My first thought is why the fees here are so much higher than in many European countries. Indeed, Australia, with its lower cost structure, should be cheaper.

 I don't accept the bank's argument that our costs must be higher because of our low population. Australia's population is higher than most European countries.

In 2021, the average merchant service fee in Australia was 0.9%. In the EU, the average fee is 0.3% for credit cards and 0.2% for debit cards.

The Effect on Retailers and Consumers

The current fee structure creates a complex dynamic, as retailers pay most fees.

Now, card issuers offer more attractive terms to cardholders to attract more business, such as rewards points, which the card issuer charges the retailer. Is it correct that retailers should be charged these reward costs? I do not think so. Plus, under the current system imposed by the ACCC, retailers cannot surcharge many of these reward systems. For example, a premium VISA card must be charged the same surcharge as a standard VISA card.

Cost of card payments

Although the costs are dropping, as card usage has exploded, the total cost has skyrocketed. The immediate problem with these fees, which are dropping, is that they are still high in Australia compared to other countries like Europe. If in Europe, with its higher cost structures, it can be cheaper, why not here?

Over the same period, we have seen that card suppliers have moved the cost they levy from the customer to the merchants. Today, merchants pay almost all these costs.

The Reserve Bank of Australia has written a good article on the cost of Card Payments. You can read it here.

It is unfair that Small Businesses Pay More

A study by the RBA found that, on average, small merchants pay transaction fees that are about three times higher than those paid by large merchants. This significant gap raises questions about fairness and produces major competitiveness problems.

Factors Behind Higher Fees for Small Businesses

Several factors contribute to the higher costs faced by smaller merchants:

1. Limited Bargaining Power: Large businesses can better negotiate favourable wholesale fees for processing card transactions.

2. Fixed Costs: Accepting card payments involves fixed costs like purchasing or renting payment terminals. For smaller merchants, these costs are spread over a lower volume of transactions, leading to higher average costs.

3. Pricing Plans: I often see smaller merchants opting for short-term plans, which are generally more expensive in the long run.

4. Lack of Volume Discounts: Larger merchants benefit from volume discounts due to their higher transaction volumes, a benefit that's out of reach for most small businesses.

The Numbers Tell the Story

The disparity in costs is significant:

• The smaller merchants on the chart have an average cost of acceptance across all card types of 1.15% of transaction values.
• In contrast, the largest has an average cost of acceptance of just 0.47%.

The Broader Impact

This cost disparity has several implications:

1. Reduced Competitiveness: Higher transaction costs make it harder for smaller retailers to compete with larger retailers.

2. Cash Preference: Some small merchants discourage card use or implement minimum purchase amounts for card transactions, inconveniencing customers.

Here is a good article on the problems of small vs large retailers here.

Looking Ahead: Technology potential solutions.

Digital Wallet Integration:

Improvements to digital wallets like Apple Pay, Samsung Pay and Google Pay in the Australian card payment ecosystem could bypass some traditional card network fees, providing a direct, less costly payment route. These could bypass the card entirely.

Bitcoin as a Potential Solution

Items like Bitcoin present an intriguing alternative to Australia's current card payment systems, particularly for small businesses facing high transaction fees. Bitcoin has much lower transaction costs as it has no interchange or bank fees, plus it offers a level of anonymity and security that cash provides.

What the government should do?

-We should introduce a low-cost card payment system with the same fee, regardless of the business's size. We have one now, called cash, but we need something to replace it. Merchant surcharging should not be allowed in that payment system.

-Transparency in fee structures. We cannot act until we know exactly what is happening.

-A review of the current costs of interchange fees. Why do the card providers need so much in fees?

-A review of the card costs: Why should merchants have to pay for the reward system for many cards? If card suppliers want to market their cards more, they should pay for it. The current surcharge rules by the ACCC are wrong, as they do not allow a merchant to charge a surcharge on many premium cards. 

Conclusion

The Australian payment system needs urgent reform to protect small businesses and ensure fair competition. The convenience of card payments shouldn't come at the expense of our vibrant small business sector.

As we near 2025, we can see, despite lots of talk, that we are facing escalating electricity costs that are only going up. There is no way it will go down soon.

The government's preferred solution is solar.

Most retailers rent, so it is not a practical solution. However, if you own your shop, it's worth considering if you are willing to wait years for a return.

Innovative energy management.

You can often do something to reduce electricity costs. Let's explore how you can reduce your power bill.

For most shops, lighting and climate control are the big energy guzzlers.

A retail store in Australia spends about $5,000-$7,000 on electricity annually. Here's how it typically breaks down: Lighting: 25% Heating/Cooling: 40% Refrigeration: 15% Computers: 10% Other Equipment: 10%

One point that people often forget is that a fridge heats a room; having many fridges will drive up cooling costs. You should ask the fridge installer if they can do something here. A simple duct that directs the heated air out can save money.

Still, the computer system is about $900 here. As a punt, I would say for a 12-hour day, your costs are

• $300-$400 per year for a desktop computer
• $100-$150 per year for a modern energy-efficient laptop
• $50-$100 per year for a standard monitor

These costs can add up quickly, especially when running multiple devices.

Practical Steps to Cut Costs

Switch to Energy-Efficient Equipment

Upgrading to the newer, energy-star-rated computer we sell can reduce your computer-related energy use by up to 50%.

Lighting Matters

 LED bulbs greatly reduce retail electricity costs, so they use about 75% less energy.

Reducing the wattage of the globes can also help.

Smart Climate Control

A programmable thermostat can help your business. You can save on energy costs by reducing heating and cooling costs by 10-15%.

Power Down

Turn off equipment when not in use, especially overnight. Even standby mode uses energy.

Shop Around

Don't stick with your current provider out of habit. Compare offers from different retailers - we saved about 15% just by switching.

Monitor Your Energy Use

How can you improve if you need to know where you are at? Here's how you can keep track:

Use a Power Meter

These handy devices, available for about $35 at most electrical stores, measure the electricity use of individual appliances. They are easy to use: You plug the meter and your device into it, leave the device on that unit for a day, record the cost, and then plug the meter into another unit.

Track Usage Over Time

Your electricity bills give you figures over the months. It will provide you with a clear picture of where you are going.

Peak Usage Times

You can adjust your electricity power to take advantage of off-peak rates if you have off-peak rates.

Computer Tricks to Reduce Energy Costs

Implementing these simple computer tricks can significantly reduce your energy consumption and costs:

Turn off printers

Switch off printers when not in use, especially overnight and on weekends.

Enable Power Management Settings

After inactivity, your computer's built-in power management features automatically put it into sleep mode. To Do this, go to Power Options in the Control Panel on Windows.

Do not use Screensavers

Screensavers prevent your computer from entering sleep mode, so it uses more energy unnecessarily. Use your settings to turn your screensaver off.

Laptops When Possible

Laptops typically use 80% less energy than desktop computers. If feasible for your business, consider switching to laptops for some tasks.

Adjust Monitor Brightness

Reduce your monitor's brightness to a low, comfortable setting. It can significantly decrease energy consumption.

Use Smart Power Strips

Consider installing smart power strips. These strips turn off devices attached to a computer when the computer is not in use. Our state electricity authority gave us some for free; you may be able to get one from them, too.

Choose Energy-Efficient Hardware

When upgrading, look at the ENERGY STAR, which uses about 30-65% less energy than standard models.

Do you need all computers running

Consider turning off a few of them if you do not need them for a few hours.

This can save about a thousand dollars on a typical computer that has been around for over five years.

Educate and Encourage Staff

Create a clear policy on energy-saving practices and remind employees to turn off their computers, photocopiers, etc.. When adopted company-wide, this can lead to significant savings.

The Bottom Line

You can control how you use energy in your shop. Ten percent here and five percent there can add up.

A retailer protecting the cash is vital to your business operations. An efficient and secure cash management system helps you stay organised and minimise loss due to mishandling or theft. It is excellent in the shop, but now and then, you will need a cash box to store money outside the shop.

Security

These are in demand, commonly for retailers who operate at markets, fairs, or pop-up events.

Pros and Cons of Cash Boxes

Before we discuss features, consider the advantages and disadvantages of using a cash box in your retail operation.

Pros:

• Durable and sturdy construction
• Easy organisation of cash and coins
• Portable and compact for mobile businesses
• More affordable than high-security safes
• Versatile use for cash, receipts, or small valuables

Cons:

• Limited security— they are not hard for a determined person to break into.
• Not hard to steal if left unsecured
• Some models have quality issues
• Limited capacity—not suitable for large amounts of cash

Let's evaluate the advantages and disadvantages of different cash box systems.

Key Features to Look For

When selecting a cash box, consider these essential features:

Sturdy

The reality is that most of these cash boxes will not last five minutes against a determined person, but they still try to make it easy for them. That is why I prefer metal cash boxes. Unfortunately, they sometimes make the cash box too heavy, so be aware.

Security

It is a pain to use a key to open and close them. We suggest having a latch and a lock. In my experience, many need more substantial locks. Make sure you get a decent lock.

Sized for Your Needs

Please consider the volume of cash you need to handle. A small box might suffice for low-volume businesses, but you'll need more if you deal with many notes and coins.

The compartments should be roomy enough to accommodate multiple stacks of bills and rolls of coins without overflowing.

Make sure that the cash box can handle Australian notes. Chinese and US cash boxes often can't handle our Australian notes. I wonder why people sell them to Australian retailers, but they do.

• Removable trays
• Enough compartments for different denominations
• Tiered cantilever designs for easy access
• Ensure you have enough room in the cash box to handle change.

Portability and Protection

Since you'll move the box around to collect cash deposits, find one lightweight yet sturdy. Look at fireproof and waterproof options, which offer extra security to shield your money.

Can it be secured to a table? One client drilled a hole into the cash box and used a bike lock to secure it to the stand.

Maintenance

To keep your cash box in top shape:

• Regularly clean with a damp cloth
• Avoid harsh cleaners that might damage the finish
• Periodically check the lock mechanism to ensure smooth operation

As a rule, the more complex the features are, the greater the risk of malfunction.

Consider a cash box as an investment in your business's security and efficiency.

Creating a business plan for your shop

Making a well-crafted business plan can be rewarding and valuable. It provides clarity, direction, and a framework for moving forward.

Cost-Effective Planning Approaches

DIY vs Professional Business Plans

You can choose between crafting it yourself (DIY) or enlisting a professional. Both strategies offer distinct advantages and costs.

The DIY approach is cost-effective and typically free. It allows for intimate knowledge of your business and flexibility in timing and content. Many Australian banks offer free templates, which are familiar to the bank if you're seeking funding. A good one is available here, which is extensive and presentable.

Generally, it will take you about a week to work a few hours a day. It's one of those things that is easy on the third attempt, so count on mucking a few up in your first attempt. It should take a few hours a day over a few days. Remember, perfection isn't the goal; having something is better than having nothing.

If you prefer a professional business plan, writing typically costs around $6,000. You can expect a month-long timeline for completion. The process requires significant input from you to help writers understand your business model. While more expensive, this option provides high-level industry expertise. One plus is that it's perfect if you need a business plan for a bank or investors.

Draft the plan and present it to the professional for refinement to streamline the professional process and save time and money.

The closer the purpose aligns with securing funding, the more likely I find that the plan will be professionally designed and written.

Implementation and Monitoring

Your plan should include a section on budgeting for the upcoming year. Using your accountant's profit and loss statement is a good way to do this. I find the best approach is to take last year's figures, adjust them for the current year, and create a budget.

Once you've created your initial business plan, updating it in subsequent years becomes much more manageable. Typically, in my experience, only about 20% of the content changes annually, making it a manageable task.

The Power of Planning: Success Rates and ROI

“By failing to prepare, you are preparing to fail.” – Benjamin Franklin.

Don't overthink.

The goal is not perfection but a clear, actionable plan to guide your business towards success in the coming financial year and beyond.

Today, retail success depends on turning sales data into actionable business insights. Follow this guide to use tools to make data-driven decisions that significantly impact retail performance using POS Systems.

Accessing Your POS Gold Mine

Your point-of-sale (POS) system has a Gold Mine of data. Here's how to access your sales comparison reports:

1. Open your POS software and navigate to the Reports section.
2. Select the Sales option.
3. Look for the Compare feature to analyse different periods side by side.

Setting Up Your Comparison: The Foundation of Insight

When setting up your comparison, you have two main options:

1. Formal Date Ranges: Use standard periods like months or quarters for consistent reporting.

2. Custom Date Ranges: Select specific dates (e.g., 06 Nov 2024 to 05 Dec 2024) for more targeted analysis.

Pro Tip: Choose comparable periods for meaningful analysis. For example, compare:

• This year's holiday season to last year's
• This quarter to the same quarter the previous year
• Weekends vs. weekdays

By selecting similar business cycles, you'll gain the most accurate insights into your performance trends.

Analysing the Report: Your Retail Crystal Ball

Your comparison report offers a wealth of information:

Overall Performance Metrics

• Sales figures for each period
• Revenue generated
• Quantity sold

Department-Specific Insights

• Performance comparisons across departments
• Individual department deep-dives

Pro Tip: To analyse specific departments more thoroughly, click on them in the left-hand menu.

Understanding POS Data Export: Unleashing the Power of Excel

To gain additional insights, export your data to Excel. Follow these steps:

1. Click the export button in the top left corner of the report.
2. Choose Excel as your export format.
3. Open the file in Excel or OpenOffice (a free alternative).

Once you've got your data in Excel, you can dig deeper.

Actionable Insights from Reports: Beyond Sales Comparisons

Your POS system is a goldmine of retail intelligence. Beyond sales comparisons, consider exploring these powerful reports:

• Top-selling products analysis: Identify your star performers and potential areas for expansion.
• Inventory turnover tracking: Optimise stock levels and reduce carrying costs.
• Customer purchase history: Tailor your marketing and loyalty programs for maximum impact.
• Staff performance metrics: Improve scheduling and identify training opportunities.

Turning Data into Dollars: From Insight to Action

Now that you've gathered insights from your POS reports, it's time to put them into action:

Identify top performers

Optimise the placement of your best-selling products in your store layout.

Adjust inventory

Use turnover data to fine-tune stock levels, reducing overstock and stockouts.

Refine marketing

Leverage department performance comparisons to allocate your marketing budget effectively.

To consistently enhance your retail performance, regularly examine your data, experiment with new strategies, and evaluate the outcomes.

Your Next Moves: Turning Data into Profit

Start harnessing the power of your POS data today:

1. Generate a sales comparison report for the last two months.
2. Identify your top three performing products or departments.
3. Create one actionable strategy based on your findings.
4. Execute your strategy
5. Monitor the outcomes.

Your POS system can be your gateway to success in retail.

Frequently Asked Questions

Q: How do I access sales comparison reports in my POS system?

A: To access sales comparison reports:

1. Open your POS software
2. Navigate to the Reports section
3. Select the Sales option
4. Look for the Compare feature to analyze different periods side by side

Q: What types of date ranges should I use for comparisons?

A: I suggest using formal date ranges, such as monthly ones. Custom date ranges (e.g., 06 Nov 2024 to 05 Dec 2024) are for ad hoc analysis.

Q: What key information can I find in a sales comparison report?

A: Sales comparison reports typically provide:

• Overall performance metrics (sales figures, revenue, quantity sold)
• Department-specific insights
• Performance comparisons across departments

Q: How can I analyse my POS data more in-depth?

A: Export your data to Excel or a similar spreadsheet program. This allows you to perform custom calculations and create tailored data visualisations.

Q: Beyond sales comparisons, what other reports should I explore in my POS system?

A: Consider exploring reports on:

• Top-selling products
• Inventory turnover
• Customer purchase history
• Staff performance metrics

Remember, consistent analysis and action based on your POS data are key to optimizing your retail operations and boosting your bottom line.

I was recently invited to listen to a compelling discussion about shoplifting issues in Britain here.

The parallels to the Australian retail landscape are striking, highlighting the global nature of these challenges. Let's explore the key points that I thought were particularly interesting and their relevance to our local context, focusing on effective strategies for retail loss prevention.

The Global Surge in Shoplifting

Although the discussion focused on Britain, I found it fascinating that many of the issues retailers face with shoplifters there are identical to what we're experiencing in Australia. This similarity isn't surprising, given our comparable societies and legal systems.

Just as I've reported here numerous times, Australian retailers have noted a sudden growth in shoplifting incidents since the onset of COVID-19. Interestingly, an identical pattern is in Britain.

One concerning observation is the apparent increase in social acceptance of shoplifting compared to a few years ago. This shift in public perception adds another layer of complexity to retailers' challenges.

The Crucial Role of Evidence in Loss Prevention

With the rise in shoplifting incidents, the importance of solid evidence has become even more critical. Several points from the discussion are particularly applicable here in Australia:

It's tough to secure a conviction for shoplifting without video or photographic evidence, so it would be best if you had it. Computer reports will only help a little as they're considered circumstantial evidence, making it very challenging to get a conviction based solely on such data.

Strategic Shop Analysis for Effective Security

A key strategy discussed was to analyse your shop layout from a potential shoplifter's perspective. Ask yourself: where would they likely strike? I've analysed how our POS Software can assist you in this process, which you can find here. I suggest that you draw such a map.

Leveraging POS Systems for Comprehensive Loss Prevention

Modern POS systems play a vital role in shoplifting prevention strategies:

• Real-time inventory tracking
• Customer behaviour analysis
• Identifying vulnerable areas in your store layout

These features provide a comprehensive approach to loss prevention, complementing physical security measures.

Advanced Security Technologies

The discussion highlighted AI-powered security cameras as a powerful tool in loss prevention. I was particularly impressed by their capabilities. These systems offer two key functionalities:

1. Real-time alerts for suspicious behaviour
2. Identification of known offenders upon entry

If you're considering upgrading your cameras, I recommend looking into these AI-enhanced systems. They're worth the investment for the added security they provide.

Effective Documentation Practices

Proper documentation is crucial when dealing with shoplifting incidents. While the British discussion recommended a special book, I think you should use email for documentation. Here's why:

• It automatically records the date and time
• It's easily searchable
• It creates a precise digital trail

Best Practice: When you provide information to law enforcement, please send it through official and email channels. This dual approach ensures you maintain a comprehensive record of communications. All too often in Australia, and apparently in Britain too, someone in the authorities might not act on the information you send or forget about it. With email records, you have proof of when you sent the information, protecting you from potential accusations of delay. It also makes it easy to keep a copy.

Conclusion

The rise in shoplifting requires a multifaceted approach to mitigate risks. While technology and best practices are crucial, we need some legal changes to address this growing issue more effectively.

Investing in a comprehensive security infrastructure is essential.

Have a listen to the discussion and let me know what you think, I welcome all comments.

Frequently Asked Questions (FAQ)

Q: How can I prevent shoplifting in my retail store?

A: I would start by looking at:

• Installing security cameras and electronic article surveillance systems
• Training staff on customer service and suspicious behaviour detection
• Optimizing store layout for better visibility
• Using security mirrors in blind spots
• Implementing a clear bag check policy
• Displaying anti-shoplifting signage

Q: What is the most effective deterrent to shoplifting?

A: The most effective deterrent combines visible security measures. This includes:

• Prominent security cameras
• Attentive staff
• Clear anti-theft signage

Q: What should I do when I catch someone shoplifting?

A: If you catch someone shoplifting:

• Stay calm and prioritise safety
• Use non-threatening language
• Document the incident thoroughly
• Contact the authorities if you have sufficient evidence

Q: Why do shoplifters use aluminium foil?

A: To make a "booster bag" or "magic bag" to beat security detectors; I have spoken about them here. If you use electronic article surveillance (EAS), I suggest you create a few booster bags to test your system. If you want you can buy them here.

Q: What happens when someone gets caught shoplifting?

A: Consequences can vary depending on local laws but may include:

• Being banned from the store. It isn't easy to do this without AI cameras.
• Fines or civil demands for damages
• Criminal charges and potential arrest

Q: What technology is used to prevent shoplifting?

A: Anti-shoplifting technology includes:

• AI-powered video analytics
• RFID inventory tracking
• Electronic Article Surveillance (EAS) systems
• Advanced POS systems with inventory management
• Facial recognition software (where legally permitted)

Q: How does AI stop shoplifting?

A: AI can help prevent shoplifting by:

• Analysing video feeds to detect suspicious behaviour
• Identifying known offenders through facial recognition

Q: What is the most common shoplifting method?

A: Common shoplifting methods include:

• Concealing items in bags, clothing, or strollers
• Swapping price tags or barcodes
• "Grab and run" tactics
• Using foil-lined bags to bypass EAS systems
• Leaving through emergency exits with unpaid merchandise

Q: What is loss prevention training?

A: Loss prevention training educates employees on:

• Identifying and preventing theft (both internal and external)
• Proper cash handling procedures
• Inventory management best practices
• Customer service techniques that deter shoplifting
• Emergency response protocols

Q: How can store layout prevent shoplifting?

A: Effective store layouts can prevent shoplifting by:

• Ensuring clear sightlines throughout the store
• Positioning high-value items in visible, monitored areas
• Placing checkout counters near exits
• Using appropriate shelving heights to maintain visibility
• Implementing an organised and clutter-free environment

Q: What are loss prevention policies?

A: They typically cover:

• Shoplifting prevention strategies
• Employee theft deterrence
• Inventory management procedures
• Cash handling protocols
• Emergency response plans

Today, not offering various payment alternatives will cost you. People want it. Yesterday, I went to buy bread partly to remove some change in my wallet; I went not to my regular bakery but to a bakery that I know accepts cash.

The Power of Flexible Payments

Catering to Customer Preferences

Our POS software features fully customisable payment methods.

Choose from cash, card, mobile payments, or bank deposits—whatever suits your customers' preferences.

This flexibility enhances customer satisfaction and keeps you competitive in Australia's evolving retail landscape.

Streamlining Transactions

An integrated POS system allows you to process payments faster and more accurately than traditional methods. This efficiency translates to shorter queues and happier customers.

Advanced Payment Handling

Split Payments and Deposits

Our POS solution goes beyond basic transactions. It allows for sophisticated payment scenarios that cater to various business models.

For instance, a customer ordering custom furniture can make a 50% advance payment, with the balance due upon delivery. This feature is handy for businesses dealing with high-value items or custom orders.

Customising Your Payment Rules

Tailor your POS system to match your unique business needs. Set minimum purchase amounts for card payments or configure automatic surcharges for specific payment methods.

Navigating Payment Method Restrictions

While customising your payment options, it's crucial to understand the legal framework governing payment methods in Australia. Unless you have a sign that you do not accept cash, you need a good excuse to reject it, e.g. you do not have enough change.

The Future of Retail Payments

Contactless and Mobile Payments

COVID skyrocketed contactless payments. Most card payments now are contactless. Now, the convenience of tapping a card or device to pay speeds up the checkout process and enhances customer satisfaction by minimizing physical contact.

Security Benefits

What I like about contactless payments is their enhanced security features. Contactless technology provides a safer transaction environment by reducing the risk of card skimming and card security as you do not handle the card.

Mobile Wallet Usage

Mobile wallet usage is rapidly rising. These digital wallets give ease of use and enhanced security through biometric authentication, such as fingerprint or facial recognition. For example, I like that my fingerprint protects my card usage.

Choosing the Right POS System

When selecting a POS system for your retail business, consider these key factors:

• Integration capabilities with your existing systems
• Scalability to grow with your business
• User-friendly interface for quick staff training
• Robust reporting features for business insights
• Regular updates and excellent customer support

The Impact on Your Bottom Line

Implementing comprehensive payments will have a significant impact on your business:

• Reduce transaction times
• Increase average transaction value; studies show people spend more on electronic money.
• Boost customer satisfaction scores with faster, more flexible payments in the form they like.

Ready to revolutionise your payment process? 

Frequently Asked Questions (FAQ)

Q: How do contactless payments work?

A: Contactless payments use Near Field Communication (NFC) technology. This method is fast, secure, and reduces physical contact, making it a preferred option for many consumers.

Q: What are the benefits of using mobile wallets?

A: Mobile wallets offer several benefits, including convenience, speed, and enhanced security with biometric authentication. 

Q: Are contactless payments secure?

A: Contactless payments are generally secure, I think more so than physical cards.

Q: What should I consider when choosing a POS system for my retail business?

A: When selecting a POS system, consider integration capabilities with existing systems, scalability to accommodate business growth, user-friendly interfaces for easy staff training, robust reporting features for business insights, and reliable customer support.

Q: How do POS systems handle split payments or deposits?

A: Our advanced POS systems allow businesses to manage complex payment scenarios such as split payments or deposits. This feature is handy for restaurants where customers often prefer split bills.

Q: Is tap-to-pay safe from skimmers?

A: Tap-to-pay transactions are generally safe from skimmers because they use encrypted data transmission and do not rely on the magnetic stripe that skimmers typically exploit. Mobile payment goes one stage further by adding an extra layer of security. 

Our customers have spoken in your end-of-year survey. They gave us an industry-leading satisfaction score (NPS) of 60. This puts us in Australia's pinnacle-rated retail era providers.

As the director of POS Solutions, I'm thrilled to share this first-rate news with you, our valued readers.

Industry-Leading Performance

Our Net Promoter Score (NPS) of 60 is in the "excellent" range for customer satisfaction.

This exceptional rating reflects the quality of our POS solutions and service delivery.

To put this in perspective:

• The average NPS for Internet, Software, & Services companies is typically around 9.
• For POS software specifically, our score of 60 is exceptional.
• In the Australian retail POS market, where the benchmark NPS is around 31, we're nearly doubling the industry standard.

Our Journey of Continuous Improvement

We've been tracking our NPS over the years:

• In 2018, our NPS was 40
• Today, it stands at 60

This upward trend demonstrates our dedication to not simply meeting expectancies but exceeding them.

Our Success Stories

Here's what some of our clients are saying in the 2024 survey.

• Friendly & good services

• 2ND TO NONE

• Fab service and product

• Easy to understand and use. It's also awesome that we get support from the POS team when needed.

• 20 years with POS Solutions says it all.

• YOUR PEOPLE CARE

• GREAT SERVICE, HELPFUL

• POSBROWSER HAS BEEN AROUND FOR A LONG TIME AND HAS ALWAYS BEEN THERE FOR THE NEWSAGENCY INDUSTRY AND IS AN EASY TO USE PROGRAMME WITH GREAT BACKUP SUPPORT

• It's brilliant software.

Our Commitment Moving Forward

While we're proud of our 60 NPS score, we're not resting on our laurels; we are moving forward:

Continued Innovation

We're investing heavily in R&D in retail technology.

Personalised Service

Our team remains committed to providing tailored support for businesses of all sizes.

ROI-Focused Solutions

Our clients have reported increased operational efficiency within the first six months of implementation.

Cheers,

Bernard Director, POS Solutions

Frequently Asked Questions (FAQ)

Q: What does NPS mean?

A: NPS stands for Net Promoter Score. It's the most widely used metric for measuring customer satisfaction with an organisation.

Q: What is a good NPS score in Australia?

A: In Australia, a good NPS score can vary by industry, but generally:

• 0-30 is considered good
• 30-70 is considered excellent
• A score above 70 is considered world-class. For the retail POS industry in Australia, a score above 31 is considered good, making our score of 60 exceptional.

Q: Why do we calculate NPS?

A: We calculate NPS for several important reasons:

1. To measure customer loyalty and satisfaction
2. To identify areas for improvement in our products and services
3. To benchmark our performance against industry standards
4. To predict business growth, as higher NPS scores often correlate with increased revenue
5. To gather valuable feedback from our customers that can drive innovation and enhancements

Q: How is NPS calculated?

A: For a discussion on NPS, I suggest this page. I do recommend that if you are thinking of using it in your own organisation you do not change it as if you do, you lose comparisons 

Q: What's considered a good NPS score?

A: An NPS above 50 is generally considered excellent for most industries. However, the average score for POS software companies is typically around 9, making our score of 60 exceptional.

Q: How does our NPS compare to the industry standard?

A: Our NPS of 60 is significantly higher than the industry average of 9 for Internet, Software, and services companies. It's also nearly double the benchmark 31 for the Australian retail POS market.

Q: What benefits does a high NPS bring to my business?

A: A high NPS indicates strong customer loyalty and satisfaction. It suggests that our POS solutions are reliable, our support is responsive, and our technology is helping to improve your business operations efficiently.

Q: How often do you conduct NPS surveys?

A: We conduct our NPS surveys at the end of the year to track our annual progress.

Q: Can I make my own NPS survey?

A: Absolutely. You will need an email list of your customers or a survey form to hand out. If you need help, I will be happy to help you. A good score for retail is considered 31.

Unprecedented demand during Black Friday 2024 has dramatically impacted our inventory levels and future pricing. Here's your essential update on post-sale availability and what it means for your business.

Current Situation

We successfully negotiated with our supplier because we knew they had few prospects for large sales until February and needed money to pay their staff for holidays while they were not working due to the holiday season. Given the current situation with the Australian Dollar, we also knew the new goods would be dearer.

I think most people agreed with us, as this Black Friday did create a surge in demand for POS Hardware that no one expected. In the process, it accelerated inventory depletion faster than we anticipated. This surge in demand has direct implications for our pricing structure.

Pricing Changes

Black Friday prices will expire when the suppliers stop offering them. We all knew these promotional prices were temporary, and soon, we expect to transition back to our regular pricing structure.

What This Means for You

Remaining Stock

Many Black Friday-priced items will be honoured at discounted rates until inventory is exhausted or till mid-January when the new orders start coming through.

So don't expect this Black Friday pricing to last.

Future Pricing

Given the current state of the Australian dollar, we anticipate that new inventory will likely be at a higher price.

Moving Forward

Transparency and Communication

We're committed to keeping you informed about stock levels and pricing changes. Our team is ready to answer any specific questions about particular items.

Final Thoughts

The Black Friday period did provide a unique opportunity to offer exceptional value, but it's crucial to understand these were limited-time offers. Our goal remains to support your business with quality products at competitive prices year-round.

Understanding your Customer Acquisition Cost (CAC) is a key retail element today. We use it in marketing budgeting. I will show you how to calculate it to ensure your marketing budget delivers accurate results.

What is Customer Acquisition Cost(CAC)?

Customer acquisition cost, or CAC, is the cost of acquiring a new customer. Different channels, like social media, newspapers, email newsletters, etc., have different costs and effectiveness. We are trying to determine the most successful channel for the cost vs new customers.

To calculate your CAC, we divide your total marketing costs, including advertising costs, promotions, event expenses, product giveaways, and even extra salaries related to marketing efforts, by the number of new customers you gain.

Why CAC Matters

Knowing your CAC helps you:

• Evaluate the effectiveness of different marketing channels
• Allowing you to allocate your marketing budget more efficiently
• Understand the actual cost of growing your customer base
• Make data-driven decisions about your marketing strategies

Calculating CAC with Your POS System

Your point-of-sale system is crucial for accurate CAC calculations. Here's how to use it:

1. Compare current sales to the same period last year
2. Adjust for overall business growth or decline
3. Identify the number of new customers gained by a recent advertisement.

For example, suppose you averaged 100 sales per day last year and made 105 sales per day this year during a promotion. In that case, we had 5 new sales. This year's business is up about 2% compared to last year's figures, so we have five new sales, less than the two we would have had anyway. So, we are looking at three new sales per day due to this advertisement.

Real-World Examples

Let's crunch some numbers to see CAC in action:

Newspaper Advertisement

• Cost: $200 (design) + $1,000 (placement) = $1,200
• New customers: 10
• CAC = $1,200 / 10 = $120 per customer

Facebook Advertisement

• Cost: $200
• New customers: 1
• CAC = $200 / 1 = $200 per customer

Google Marketing Campaign

• Cost: $600
• New customers: 5
• CAC = $600 / 5 = $120 per customer

In-Store Sign

• Cost: $300
• New customers: 6
• CAC = $300 / 6 = $50 per customer

In this scenario, the in-store sign proves most cost-effective.

Beyond the Basics

Customer Value Assessment

Some people prefer profit over sales because a high-margin giftware buyer is worth more than a newspaper purchaser. I support this view. One of the problems here often is that something is popular; prices are thin, and you promote it, which gets some customers but little profit. The cost of the advertisement is actual.

Your POS System can give you the profit figures.

Fixed Cost Considerations

Sometimes, CAC calculations include fixed costs. The new shop should give you four new customers for two shop locations with a difference of $200 extra monthly rent. To a marketer, the CAC = $200 / 4 = $50 per monthly customer. Is $50 a customer worth it to you as a business owner?

Implementation Steps

1. Get figures before the promotion of what your current customers are.
2. Experiment with different marketing strategies and track results
3. Calculate the CAC results; the more you do, the easier it gets.
4. Regularly review and adjust your marketing mix based on CAC data

By mastering your Customer Acquisition Cost, you'll make smarter marketing decisions, stretch your budget further, and build a loyal customer base that will support your business for years. Keep experimenting, tracking, and refining your approach—your bottom line will thank you!

Frequently Asked Questions (FAQ)

Q: Why should I use CAC in my business?

A: CAC should be used in your business as it helps optimise your marketing and sales budget allocation by showing exactly how much you're spending to gain each new customer, allowing you to identify inefficiencies and reduce wasteful spending.

Q: How is CAC calculated?

A: Divide the total cost of sales and marketing by the number of new customers acquired during a specific period.

The formula is: CAC = (Cost of Sales and Marketing) / (Number of New Customers)

The costs include all costs associated with acquiring customers, such as salaries, tools, advertising expenses, and related overhead.

Q: What is a reasonable CAC?

A: The cost of a CAC varies significantly by industry. In Australia, retail prices are generally about $60. If you are starting a business, it's often higher.

Now, retailers must focus on the Christmas holiday season, but we must also look ahead with strategic planning for 2025.

Short-term Preparation for the Holiday Season

Assessing the Cost of Unpreparedness

Consider the potential impact of being underprepared for the holiday season.

• Revenue loss from missed sales opportunities
• Damage to customer relationships due to poor service or stock issues
• Increased stress

For many of our clients, this holiday period represents 30% of their annual revenue. Being unprepared could significantly affect your yearly financial performance and long-term business health.

Technical Readiness

Ensuring all your technical systems function smoothly during the coming holiday period. It includes:

• Check that your Point of Sale (POS) system runs efficiently.
• Confirming that all payment terminals are operational and can handle increased transaction volumes
• Testing barcode scanners and other peripherals for accuracy and speed

How much does anyone want to bet that a few of our clients will contact us in a panic because some POS equipment they never tested is not working?

A technical malfunction during peak shopping times can result in lost sales and customer dissatisfaction, potentially impacting your reputation long-term.

Inventory Management

Proper stock control is critical during the holiday rush. Consider the following:

• Review historical sales data to anticipate demand for popular items
• Ensure adequate stock levels for high-turnover products
• Make sure that your high-turnover products are noticeable.

Staffing Considerations

Adequate staffing is essential to manage increased customer traffic. Key points to address include:

• Assessing the need for additional temporary staff
• Optimising employee schedules to cover peak hours effectively
• Providing thorough training to ensure all staff can handle holiday-specific scenarios

While immediate holiday preparation is crucial, successful retailers must simultaneously lay the groundwork for the coming year. Let's examine how to balance these short-term needs with strategic planning for 2025.

Medium-term Planning for 2025

Current Growth Trends

Recent data shows positive growth in the Australian retail market:

In October 2024, retail sales increased by 0.6% month-on-month, surpassing market expectations of 0.3%

Year-on-year growth in October 2024 was 3.4% compared to the same period in 2023

Embracing Incremental Change

Consider the following strategies to keep your business competitive without overextending resources:

• Evaluating your product mix and potentially introducing new lines
• Refreshing your store layout or visual merchandising to enhance customer experience
• Implementing a simple customer loyalty program to encourage repeat business

These changes don't require significant technological investment but can substantially impact customer engagement and sales.

Customer-Centric Approach

Understanding and responding to customer needs remains crucial. Start by gathering customer feedback through informal conversations and simple surveys. Combine this with sales data analysis to identify trends and customer preferences. Finally, ensure your staff receives training to provide exceptional service that distinguishes you from competitors.

You can make informed decisions about your business direction by staying attuned to your customers' evolving needs.

Take action now

Begin by thoroughly assessing your holiday readiness.

Then, schedule dedicated planning time for your 2025 strategy. Your future success depends on the decisions you make today. Consider a website where you can seamlessly integrate your physical stores with your online website.

Also, I strongly suggest that you look into local SEO. If people cannot find you on the Internet, they will not find you at all.

The holiday shopping season is here. Your inventory management strategy during this period can make or break your seasonal success. Having fully stocked shelves isn't just about meeting demand – it's about maintaining customer satisfaction and maximising revenue potential.

The GMROI Report: Your Stock Level Lifesaver

Your POS system's hidden gem, the GMROI (Gross Margin Return on Investment) report, provides an immediate snapshot of your stock levels. This report reveals critical insights beyond basic stock counts.

How to Access the Report

We have a unique report that is super fast to run and gives you an immediate snapshot of your stock levels.

In the Cash register report, call up the GMROI (see the selection highlighted) in your point of sale software in the reports here.

You can select the list of options you want, and I suggest you go over these options later when you have time.

You should do this by departments or suppliers, whatever makes more sense to you. 

Now you get a report like this.

As you can see, the items are all listed.

Let’s look at it in detail:

What we are looking for are items with low stock on hand figures, decent sales, and reasonable ROI% figures. ROI% is the return on investment. It is one of the best ways to determine how valuable your stock items are to your business. It is calculated by the (unit sold) x (Profit)/ (Average stock cost), and you need about 3.2 in industry. However, as you can see here, there are many items above and below it.

Understanding the GMROI Report

Once you've generated the report, you'll see a list of all your items with several key metrics. Here's what to focus on:

1. Stock on Hand: This shows your current inventory levels for each item.
2. Sales: This indicates how well the item sells.
3. ROI%: The Return on Investment percentage is crucial for determining an item's value to your business.

While these metrics provide valuable data points, knowing how to interpret them effectively is critical to making informed inventory decisions.

Interpreting the Results

When analysing your GMROI report, keep an eye out for:

Low Stock, High Sales: These are your priority items. If they have a good ROI, you'll want to reorder them immediately to avoid stockouts during peak shopping.

Reasonable ROI%: The industry standard is about 3.2, but you'll notice variations across your inventory. Your star performers are significantly above this, while those below might need attention.

Taking Action

Now that you have this information at your fingertips, it's time to act:

1. Identify Critical Items: Look for products with low stock levels but strong sales and good ROI. These should be your top priority for restocking.
2. Place Orders: Contact your suppliers for these critical items immediately. Remember, they might be experiencing high demand from other retailers, too.
3. Adjust Forecasts: Use this data to refine your sales forecasts for the holiday season. This can help you avoid similar situations in the future.
4. Consider Promotions: For items with high stock levels and lower sales, consider running promotions to move inventory and free up cash for better-performing products.

The Power of Your POS System

Your POS system is more than just a cash register—it's a powerful ally in managing your retail business effectively. By regularly utilising tools like the GMROI report, you can:

• Prevent stockouts of popular items
• Optimise your inventory investment
• Improve cash flow by identifying slow-moving stock
• Enhance overall profitability by focusing on high-ROI items

Frequently Asked Questions (FAQ)

Q: What should I look for in this GMROI report?
A: look at these three columns.

-Stock on Hand (your current inventory levels)

-Sales (see how items are selling)

-ROI% (Return on Investment percentage)

Pay particular attention to items with low stock but high sales and a good ROI, as these may need immediate reordering.

Q: What's considered a good GMROI?
A: 3.2 or higher is often considered good. As this will vary by industry and product type, I suggest you evaluate the report and judge.

Q: How can I improve my GMROI?
A: Strategies include:
1. Increasing sales without increasing inventory levels
2. Reducing inventory levels without affecting sales
3. Increasing gross margin through better pricing or supplier negotiations
4. Improving inventory management to reduce excess stock
5. Push high-performing products
6. Implementing just-in-time inventory practices
7. Using your reports for better demand forecasting

Q: How often should I run the GMROI report?
A: Run it frequently (daily or weekly) during busy seasons like holidays. In less busy periods, monthly or quarterly might suffice.

Q: How can the GMROI report help improve cash flow?
A: The report helps identify slow-moving stock. By addressing these items through promotions or adjusted ordering, you can free up cash tied in excess inventory and reinvest in better-performing products.

During our end-of-year survey, which we are doing now, we got a surprising result.

One of our clients shared an unexpected thought for a suggestion.

He stated that he starts daily on a mission to spread happiness by greeting everyone and playing upbeat music. Sometimes, he does an impromptu dance to the cheerful music as he gets into it. These seemingly simple acts of positivity created a ripple effect that transformed his entire business ecosystem. He states that his team morale has improved since doing this, as has his bottom line; plus, he enjoyed it more.

My Observations

In today's business world, it's easy to get caught up in the day-to-day operations and forget the fun bit. After reading this on my Google Home Unit, I played a "Wake up Happy Good Morning" playlist. It works. It gave me energy when the song "Always Come Out of the Bright Side of Life" started playing.

Happy employees

"Great things in business are never done by one person; they're done by a team of people" - Steve Jobs

While doing some research, I found references that a happy staff doesn't just mean a positive work environment; it translates into tangible business benefits. Reports show that teams with high staff morale are 13% more productive. This increased productivity can make a significant difference in retail, where efficiency is crucial.

It will likely have a ripple effect on your customer interactions. Customers can sense when staff are genuinely happy and engaged, leading to a more enjoyable shopping experience.

Conclusion

Could you give it a try and have some fun at work? I am sure it will not hurt.

I am now getting a lot of enquiries about Tower Systems' Sale and what's happening with it. Gossip does not like a vacuum.

The short answer is I don't know, but after being involved in many business sales on both sides, I can make an educated guess.

Here are the facts: Tower Systems announced to its clients and suppliers that it had been sold to Vela Software. It is one big subsidiary of a vast multinational company. 

When I heard this, I was shocked. Rumours had been circulating in the industry that Tower Systems was for sale; I'd been involved in one such negotiation but walked away. 

But it's one of those things where Grandfather is very sick; we know he's very ill, and we're waiting to hear that he's died. But when he dies, it's still a shock. Same issue here - I knew Tower Systems was for sale, but when I heard in October it had happened, I was shocked. Then, we all would be further surprised by the silence.

Vela's Likely Acquisition Process Timeline

Initial market research (1 to 3 months)

Preliminary financial assessment First, informal contacts probably use a business agent appointed by Tower Systems.

Preliminary Engagement (2-4 weeks)

Exchange of NDAs Initial information sharing CIM review First meetings

Initial Evaluation (4-8 weeks)

Analysis of business fit Preliminary valuation Market position assessment Initial offer/expression of interest.

Formal Agreement Stage (4-8 weeks)

Negotiation of terms The signing of a definitive agreement Subject to due diligence conditions Confidentiality maintained

Due Diligence (6-12 weeks)

Comprehensive review process Multiple workstreams: • Financial • Legal • Operational • Technical

I suspect the problem might be here, which is holding up the deal.

Decision Point (2-4 weeks)

Review due diligence findings Final negotiations, if needed Go/no-go decision Possible price adjustments.

Completion and Integration (4-8 weeks)

Final documentation Deal Closing Public announcement Integration begins

So, a typical timeline would be six to nine months.

The Deafening Silence

Now, people are commenting on what's happening and why we're hearing nothing from either Tower Systems or Vela Software. This silence is very unusual. Generally, the buyer and seller make a joint announcement once a sale occurs. There's usually a ceremony, pictures are taken, and a joint public announcement is made.

From what I can see online, Vela's standard acquisition practices include a clear pattern of formal announcements, CEO statements, and continued communication. It's very much in the buyer's interest to notify stakeholders in the company they're buying immediately after the sale about what they intend to do. Customers need reassurance. Suppliers want to know what's going to happen. Staff need to know what to say, and the buyer wants to know what the staff will do after the takeover.

The Tower Systems situation now lacks these hallmarks—no formal announcement, no Vela acknowledgment, and abrupt communication cessation. This isn't typical for Vela Software, which usually maintains transparent communication and formal processes.

This silence is deafening.

Possible Scenarios

Given these unusual circumstances, I have four potential scenarios, some of which are not mutually exclusive.:

1. The Sale is Going Ahead

I propose that Tower Systems' announcement was unauthorised and early in this scenario. Although it was signed, Vela has yet to go through with the sale and is following the path of due diligence. They're still checking. The holiday season has delayed them moving forward immediately.

If so, I suspect we're looking at late January or early February 2025 for the formal announcement.

2. Someone Else Has Made a Competitive Offer

Although unauthorised, Tower System's announcement was an intelligent move to get someone else to act. Maybe there's someone Tower Systems was talking to who wants the company. Vela Software was probably only one of many approaches to buy Tower Systems. Tower Systems is effectively saying that if you wish to have us, you need to act now, or you will lose us. If so, I wonder if we'll hear much until March 2025 as they return to the negotiation. It would also explain Vela Software's silence, as they might be out of the race now.

We're looking, I think, at March 2025 to hear more.

3. Vela Software Rejection

Here, Vela Software said they would buy Tower Systems, but during due diligence, they found something they didn't like and walked away. For this to be true, the sale must have significant issues.

I've heard of this happening many times. I had a client who was going to sell his shop. The stocktakers were counting the day before the transfer. The new owner looked at the value of the existing stock being added up and told the stock-takers to stop as it was too much. He then announced it was far too much stock for what he had been told, and it looked old. The sale was cancelled.

If this is the case, I expect we won't hear anything from anyone.

4. Vela Software Wants a Price Renegotiation

The deal was made. Tower Systems announced it as a done deal. But then, while doing their due diligence, Vela Software found things they didn't like. They're willing to go ahead but want a better price or a change in conditions.

If so, we're looking at a fresh valuation process and negotiations. In this scenario, I wouldn't be surprised if we heard nothing more until March.

Market

Having made the announcement, I feel Tower Systems should say something now. In the meantime, I suggest that anyone doing business with Tower Systems immediately ask for a written statement from Tower Systems stating that the terms of the existing agreement will be honoured for the payment. New guy means new terms and conditions.

While the silence surrounding the Tower Systems sale is unusual, it's not unprecedented in business acquisitions. As we move into the new year, we should see more clarity on the situation. Therefore, don't be surprised if we hear something only in March 2025. After that, I think it's only fair for us to ask questions.

Recently, a client brought an almost new computer, it was claimed, but it turned out to be an old computer. Interestingly, the client himself is very computer-knowledgeable, and he was fooled.

Here, you can discover how to protect your investment and avoid getting scammed when buying a computer with these expert verification techniques. I always recommend purchasing only from reputable vendors. Note that this means more than just big ones, as many small vendors are reputable.

The Importance of Accurate Age Verification

Outdated systems disguised as new can create multiple problems:

• Performance issues affecting daily operations

• Compatibility problems with modern software

• Potential security vulnerabilities are threatening your business.

Consider these statistics:

• The average lifespan of a new system is 3 to 5 years; a two-year-old computer gives you 1 to 3 years, and a three-year-old probably about a year.
• Outdated systems will have higher repair costs.
• Performance degradation in older systems will lead to slower transaction times as they age.

The Bigger Picture

While determining the exact age of a computer system is crucial, it's not the only factor to consider when upgrading your POS setup. The reliability, compatibility with your chosen POS software, and the vendor's support are equally important. A slightly older system that's well-maintained and fit for purpose might serve your business better than a brand-new system that needs optimisation for retail operations.

Consider these key factors:

• System reliability and uptime
• Compatibility with modern POS software
• Vendor support and warranty options
• Overall performance for your specific retail needs

Serial Number: Your First Line of Defence

The serial number is your most reliable age indicator.

To locate it:

• Check the back of desktop computers

• Look under Computer

• Inspect the battery compartment.

For Windows-based systems, use the Command Prompt.

"wmic bios get serialnumber"

It might display the serial number if it is in the BIOS.

Once you have the serial number, visit the manufacturer's website or contact customer support. Many companies can provide manufacturing date information based on the serial number.

However, many computers today do not have the serial number here, so you get a "Default String."

While serial numbers can be reliable indicators, sometimes they're not accessible. In such cases, the BIOS date provides another verification method."

BIOS Date: A Window into the Past

BIOS date

Probably the quickest way to determine the approximate time your computer was initially assembled is from the BIOS date. You can check the system information in Windows. To access this, type "system information" in the start menu's search bar, run it, and a window will pop out showing you details about the computer, including the BIOS Date.

What you will get is

This will only work if the computer's BIOS was new at the assembly date and had not been updated since the initial installation.

The BIOS (Basic Input/Output System) data can offer valuable insights into a computer's age. Here's how to check it:

1. Open the Command Prompt (search for it in the Start menu).
2. Type one of these commands and press Enter:

"systeminfo.exe" or "msinfo32.exe"

1. Look for the "BIOS Version/Date" in the output.

This date indicates when the computer's BIOS was last updated. However, some manufacturers or tech-savvy sellers might update the BIOS before selling, which could mask the system's actual age. So, buyer beware.

Windows Installation: A Clue, Not a Guarantee

Going into Windows setting > About, it will tell you the version of Windows and when Windows was installed. Again it is a guide no more as a new version of Windows may have been installed on that computer

Checking the Windows installation date can tell you its setup date, but it does not always indicate the hardware's age. Here's how to find this information:

1. Go to Windows Settings (you can use the Windows key + I shortcut).
2. Navigate to System > About.
3. Scroll down to find the Windows version and installation date.

However, someone may have reinstalled Windows by upgrading it so that this date might reflect something other than the computer's age. However, it can be a helpful piece of the puzzle when combined with other verification methods, as you can be reasonably sure that the computer is likely older than this date.

Component Inspection: Devil in the Details

For those with more technical know-how, inspecting individual components can reveal much about a system's age, but this brings up another problem. I have seen people replacing components with older ones, but this will be the subject of another post.

Summing up

It is not easy to find out. These methods, at best, can only help.

It's important to note that a computer's age is not always an accurate indicator of its performance or lifespan. An older computer that has been well-cared for often functions perfectly for many years. New computers that are lemons are not uncommon, either.

FAQ

Q: How can I tell if a computer is new?
A: Check multiple age indicators: serial number verification, BIOS date, CPU model release date, and Windows installation date. No method is foolproof, so various verification techniques provide the best assurance.

Q: What's the most reliable method to check a computer's age?
A: The serial number is the most reliable indicator when available. You need this number when you contact the manufacturer to get the manufacturing date.

Q: How do you find out how old a computer is?
A: Use multiple verification methods above.

Q: How do you find the date on the computer?
A: Access dates through System Information (systeminfo.exe) to find the Original installation date and BIOS Version/Date, or check Windows Settings > System > About for the installation date.

Q: What is the age of the computer System?
A: Generally, computer systems are typically categorized
- New (1-2 years)
- Middle-aged (3-5 years)
- Aging (5+ years) 

Most businesses value a computer for five years, and after that, it has no book value. 

Q: How old is my computer in human years?
A: This is an awful measure, but it is commonly stated that a computer ages at five human years for each actual year. 

Q: Can the BIOS date be manipulated?
A: The BIOS can be updated, which changes its date. That's why using multiple verification methods is essential rather than relying solely on BIOS information.

Q: How do I check the Windows installation date?
A: Access Windows Settings > System > About. While this shows when Windows was installed, remember that Windows could have been reinstalled on older hardware.

Q: What should I do if I discover my "new" computer is used?
A: Document all evidence, contact the seller immediately for resolution, and if necessary, file complaints with consumer protection agencies. 

Q: How often should I replace my computer?
A: Replacement for business and POS systems is typically recommended every 3-5 years. Systems older than this often experience performance issues and security vulnerabilities.

Q: Can I trust component inspection?
A: Component inspection can be helpful but requires technical knowledge. Be aware that components can be swapped, so this method should be used alongside other verification techniques.

Q: What if the serial number shows "Default String"?
A: This is common in modern computers where the serial number isn't stored in the BIOS. In these cases, check the physical serial number on the device or use alternative verification methods.

Q: How can I verify the age of individual components?
A: Use system information tools to identify component models, then cross-reference their release dates with manufacturer specifications. However, remember that components might have been replaced over time.

Implementing a strategic best-seller labelling system can boost your retail sales through proven psychological triggers. Products with best-seller badges experience an increase in visibility and conversion boost. As a retailer in Australia, this simple yet powerful technique could be the key to driving customer interest and improving your bottom line. The majors like Amazon do it, so why not you?

The Power of "Best-seller" Labels

Best-seller labels tap into fundamental human desires for belonging and social validation. The sense of belonging drives purchase decisions by providing customer validation. Customers who see an item as popular are more likely to trust its value and quality. This psychological trigger can significantly influence purchasing decisions, making it a valuable tool in your retail arsenal.

Why This Works

This strategy is effective for several reasons:

Social proof

People tend to follow the crowd, especially when making purchasing decisions.

Attention-grabbing

The signs draw the eye, making these products stand out.

Simplifies decision-making

A "Best-seller" label can tip the scales for indecisive customers.

Good Value

Best-seller items are seen as good value.

Maximizing Product Visibility

Strategic placement of best-seller products in high-traffic areas and at eye level significantly impacts customer engagement. It is vital as these items sell. Consider these placement strategies:

• Position best-sellers near the entrance to catch immediate attention
• Place them at eye level on shelves for easy visibility
• Use end-cap displays to highlight top performers
• Put items that would sell well with this item around them.

Implementing the Strategy

Now that you understand the psychology and have your data, it's time to put your plan into action:

Best-seller Signs

I suggest purchasing some for a professional look. An essential tip is to ensure your signs are in red to grab attention and create urgency. Have a look at something like this.

Review your top seller's list.

Your Point of Sale (POS) system is a goldmine of valuable data. Here's how to use it to identify your top-selling items:

Go to Register reports.

Now pick "Top N Stock Sales for a Given Period."

Now, in the form put in the last 30 days and select a department

A report looks like this with your top sellers listed.

This report will list your best-performing products over the past month. Now, go through these items and select as many as reasonably possible. Choose as many items as possible from your top sellers' list; the best-sellers are generally evident when you look at the list. Typically, you get about five on every list.

To gain deeper insights, run reports for multiple timeframes:
- Month data for current patterns.
- Three-month data for seasonal patterns 
- Year data for long-term performance

The bonus of doing several runs is getting more best sellers. 

As a punt, you should get about ten items per department. You do not want more.

Select and label your best-sellers

Place your "Best-seller" signs next to or pointing at these items

Maintain the strategy

Set a reminder to repeat this process monthly, as this ensures your "Best-seller" labels always reflect current top performers

Tracking Performance Metrics

To measure the success of your best-seller strategy:

• Monitor sales of labelled items before and after implementation
• Track overall store revenue changes
• Observe customer behaviour and engagement with labelled products
• Analyze changes in product visibility and shelf time

Optimizing Customer Psychology

Remember, bestselling labels are more than signs- powerful psychological triggers. To maximize their impact:

• Use persuasive language on your labels (e.g., "Customer Favourite")
• Combine best-seller labels with limited-time offers to increase urgency
• Train staff to highlight best-seller items during customer interactions

Conclusion

The "Best-seller" labelling strategy is a simple yet powerful tool that leverages your POS system's data to boost sales. By highlighting your top-performing products, you're guiding your customers towards items that will likely satisfy them, increasing your sales.

FAQ

Q: How often should I update my bestseller labels?

A: We recommend that you update your bestseller labels monthly. This ensures that your labels always reflect your current top-performing products, keeping your store layout dynamic and engaging for repeat customers.

Q: What makes a bestseller on Amazon?

A: A bestseller on Amazon is primarily determined by sales volume within a specific category. The Amazon A10 algorithm considers factors such as sales velocity and sales history when ranking products. The bestseller status is updated hourly, reflecting recent sales performance

Q: Can I use bestseller labels for many of my products?

A: While it might be tempting, your customers are not fools and will smell a rat if you are not genuine. Plus, overusing the label can dilute its impact and reduce customer trust. Stick to labelling your actual top-selling items based on your POS data.

Q: What colour should my bestseller signs be?

A: Red is the most effective colour for bestseller signs. Red grabs attention.

Q: How do I determine which products are my bestsellers?

A: Use your POS software to generate a "Top N Stock Sales for a Given Period" report.

Q: Will this strategy work for all types of retail businesses?

A: I have seen it effectively used in many shops, from hamburgers to chemist shops. However, the impact may vary depending on your products and customer base. It's worth testing and measuring results in your unique retail environment.

Q: How does this strategy tap into customer psychology?

A: Bestseller labels leverage social proof, a psychological principle where people tend to follow the actions of others. Customers who see a popular product are likelier to trust its value and quality, influencing their purchase decisions.

Q: Can I combine bestseller labels with other promotions?

A: Absolutely! You can introduce if you want bestsellers for the promotion, too.

Q: How do I measure the success of this strategy?

A: Track sales of labelled items before and after implementation, monitor overall store revenue changes, observe customer behaviour around labelled products, and analyze changes in product visibility and shelf time. Our POS system will be able to provide this data.

Most of our retail clients who never had a Black Friday Sale listened to us, did it at the last minute, and saw increased sales. It's still possible to capitalise on this massive shopping event. Here's how to make the most of Black Friday today and maximise your in-store profits.

Why Participate in Black Friday?

Black Friday has become a vast retail occasion in Australia, with brick-and-mortar stores gambling a vital function. In 2023, in-save Black Friday income increased by 15% compared to the preceding year, with foot visitors up 22% in shopping centres across most critical Australian cities.

Setting Up Your Same-Day Flash Sale

1. Choose the Right Sale Items

Select products that will attract bargain hunters and clear your inventory:

• Overstocked items
• Slow-selling products
• Popular items with a small discount to drive foot traffic

Your POS system can help you identify these products quickly by generating reports on stock levels and sales performance.

2. Leverage Your POS Software

Your point-of-sale system is crucial for last-minute sales success. It makes it very easy.

Here are some instructions. 

Remember, these are overstocked or slow-selling products, and you are dealing with bargain hunters who want stuff like this now.

3. Promoting Your Flash Sale

What is the point of having a Black Friday Sale if you don't tell people about it? Put a sign up. Do not worry about it being a little early or removing it after Black Friday. Black Friday Sales now last for weeks.

On the Facebook page of one local business, which I know is very professionally run, I saw the following written

Don't miss out on these amazing Black Friday deals! Shop early to get the best selection. We also have a great gift guide to help you find the perfect presents for everyone on your list. And don't forget to take advantage of our price match guarantee!

Make your own sign. I suggest including some of these words as, based on what I have seen, they seem to work.

Black Friday

Cyber Monday

Doorbuster 

Gift Guide

Holiday deals

Price match, 

Save money

Shop small

Here are some ideas:

• "Black Friday Flash Sale - Today Only!"
• "Doorbuster Specials - While Stocks Last"
• "Shop Small, Save Big - Support Local"
• "Price Match Guarantee - Ask Us How"

Conclusion

While planning for Black Friday is better, participating and boosting your in-store sales is not too late. By leveraging your POS system, creating urgent promotions, and focusing on clearing stock, you can turn this Black Friday into a profitable event for your shop.

Australian consumers actively seek in-store Black Friday deals. 68% of Australian shoppers now plan to visit physical stores for immediate gratification and tactile experiences.

Post-Black Friday Strategies

Extend it, extend it and extend it. Black Friday is much longer than a day.

Black Friday Sales FAQ

Q: How do you Make a Sale on Black Friday? 

A: Start by determining the proper merchandise to discount, focusing on overstocked gadgets and gradual-moving inventory. Use your POS device to generate inventory reports. Then, creating urgency with time-restrained gives and ensures aggressive pricing whilst maintaining profitability.

Q: How do you Announce a Black Friday Sale? 

A: Create eye-catching signage using proven promotional keywords like:

• "Black Friday Flash Sale"
• "Doorbuster Specials"
• "Shop Small, Save Big"
• "Price Match Guarantee"

Leverage your social media platforms to announce the sale, and don't worry about extending the promotion beyond Black Friday itself, as these sales typically run for several weeks.

Q: What is the Black Friday Sale in Australia? 

A: Black Friday has come to be a primary retail event in Australia, with in-shop sales increasing by 15% in 2023 compared to the previous year. Physical store site visitors saw a 22% increase throughout fundamental Australian cities, and sixty eight% of Australian buyers especially plan to go to brick-and-mortar shops for Black Friday for fast purchases and arms-on shopping stories.

Q: How do you run a Successful Black Friday Sale?

A: Product Selection

1. Focus on overstocked inventory
2. Include popular items with smaller discounts

3. Feature slow-moving products that need clearing

4. POS System Utilisation

5. Use your point-of-sale system to track inventory
6. Monitor sales performance in real-time

7. Implement price changes efficiently

8. Promotion Strategy

9. Display prominent signage
10. Use proven promotional keywords
11. Extend sales beyond Black Friday

12. Implement a price match guarantee

13. Post-Sale Management - Consider extending your sale period to maximize revenue potential and clear remaining inventory.

For Australian retailers, every dollar invested in inventory directly impacts the bottom line. Real-time inventory management revolutionises how you track, manage, and optimise your stock to maximise profits and boost your profitability. Real-time stock management offers many advantages that traditional techniques cannot in shape. Real-time inventory management provides many advantages that conventional methods can't match. Here's how it can benefit your business:

Guide to getting Real-Time Inventory Information

Real-time inventory management is essential for preserving optimum stock ranges and ensuring clean operations in your retail commercial enterprise. Here's a step-by-step approach to having access to your inventory records fast and effectively using our POS device:

Step 1: Access the Stock Performance Report

Navigate to stock performance. You'll find critical data about your current inventory levels and sales trends there.

Step 2: Go to Register Reports

Within the stock performance section, locate the "Register Reports" option. It will lead you to various reports that provide insights into your inventory and sales.

Step 3: Select Suppliers' Sales Trend

Once in the Register Reports menu, choose "Suppliers" and "Suppliers Sales Trend." This report will give you a comprehensive overview of how each supplier's products perform in your store.

Step 4: Set Your Date Range

To get a meaningful analysis, set the date range for the past year. It will provide a complete picture of sales trends and inventory movements, helping you make informed decisions.

Step 5: Analyse the Report

After generating the report, take a close look at the data:

A report like this pops out.

Let us go through it.

A negative stock item marked with a green arrow is a sign that your stock quantities are not wholly correct.

Look at the red arrow. You have 19 of these items now but have never sold any of them. This is a worry. Ask what happened.

Also, as you go down, you will see an item with a blue arrow. You have none in the shop. See how you have no stock but have sold many of these items.

Where is this going?

Retailers can get ahead of the competition in real-time. It will enhance your efficiency and increase sales.

Step 6: Take Action

Use the insights gained from your analysis to make strategic decisions:

• Adjust Orders: Modify future orders based on stock levels and sales trends.
• Communicate with Suppliers: Use your data to have informed discussions with supplier reps, ensuring they understand your needs and challenges.
• Optimise Inventory Levels: Implement adjustments to keep superior stock tiers, stopping overstocking and stockouts.

Following this step-by-step guide, you can efficiently access actual-time inventory information. This will empower you to make knowledgeable choices that improve your shop's performance and increase sales.

Improved Cash Flow

Optimising stock levels with real-time data frees up capital that would otherwise be locked away in excess inventory. ### Enhanced Decision-Making Access to live information lets you make knowledgeable buying, pricing, and promotions choices. You'll be able to respond quickly to market demands and adjust your techniques accordingly.

Increased Efficiency

Automating tasks like inventory counts and reorder approaches saves time and reduces human blunders, allowing you to focus on strategic activities that power the commercial enterprise boom.

Better Customer Service

Ensuring popular gadgets are always in inventory complements patron satisfaction and builds loyalty. Happy customers are much more likely to go back and advise your store to others.

Competitive Advantage

It is crucial to stay ahead of competitors who depend on previous methods. Real-time stock control offers the potential for quicker response times and more accurate forecasting.

Traditional vs. Real-Time Inventory Management

Traditional inventory control often suffers from old and faulty information, primarily due to sluggish reaction instances and reactive inventory degree optimisation.

Leveraging Real-Time Data in Supplier Interactions

Having instant access to your inventory records strengthens your position while dealing with providers. Here's a way to make the maximum of this advantage:

Review your inventory report before meeting with a supplier rep to identify areas of concern or opportunity.

• Demonstrate control by showing the rep that you have a firm grasp on your inventory situation through specific data points from your report.
• Ask informed questions using your data to probe deeper into product performance and seek solutions for underperforming items.
• Negotiate effectively leveraging your sales data to secure better terms and discounts on high-performing products or arrange returns for slow-moving stock.
• Avoid overstock pitfalls by resisting pressure to accept excess inventory, referring to your real-time data, and sticking to optimal stock levels.

Taking the Next Step: Implementing Real-Time Inventory Management

Ready to revolutionise your retail operations with modern inventory management? Here's how you can get started:

1. Book a Free Demo: Experience how our POS device can transform stock management. Our group will stroll you through the capabilities tailored to your commercial enterprise wishes.

2. Customised Implementation Plan: We'll create a personalised roadmap for integrating our POS system into your modern-day operations, ensuring minimal disruption to your enterprise.

3. Seamless Data Migration: Our professionals will switch your inventory information to a new machine, ensuring accuracy and completeness.

4. Comprehensive Staff Training: We offer thorough education periods for you and your group, ensuring everyone is confident in using the new machine to its full capability.

5. Ongoing Support: Our devoted Australian-based guide group is always available to help you with everything, from preliminary setup to destiny enhancements.

By choosing our POS device, you're no longer simply shopping for software programs but investing in a partnership devoted to your retail fulfilment. Our solution gives actual-time stock monitoring, automatic reordering, and insightful sales analytics designed to reinforce your profitability and streamline your operations.

Refrain from letting previous stock practices hold your business back.

Frequently Asked Questions (FAQ)

Q: What is a real-time inventory management system?

A: A system that gives you an actual inventory. It uses advanced technology to track inventory changes, permitting you to monitor stock levels, income developments, and crucial data in actual time. This machine lets outlets make knowledgeable decisions quickly, optimise inventory ranges, and respond promptly to marketplace demands.

Q: What is real-time stock management?

A: Real-time inventory control involves tracking and managing your inventory levels. It affords up-to-date information about your stock, enabling you to make informed choices quickly and efficiently. This technique permits fast updates to stock facts as transactions occur, ensuring you constantly have the most modern statistics for your inventory.

Q: How does actual-time inventory management benefit my commercial enterprise?

A: Real-time stock management gives numerous blessings:
- Improved Cash Flow: By optimising stock levels, you free up capital that can be reinvested in other business regions.
- Enhanced Decision-Making: Access to live records allows for knowledgeable buying, pricing, and promotional selections.
- Increased Efficiency: Automating duties like inventory counts reduces mistakes and saves time.- Better Customer Service: Ensures popular items are always in stock, enhancing customer satisfaction.
- Competitive Advantage: Provides faster response times and more accurate forecasting than traditional methods.

Q: How can I access real-time inventory information using your POS system?

A: Follow these steps to access real-time inventory information:
1. Access the Stock Performance Report: Navigate to the stock performance section in your POS system.
2. Go to Register Reports: Click on the "Register Reports" option to gain insights into your inventory and sales.
3. Select Suppliers' Sales Trend: For a comprehensive overview of product performance, choose "Suppliers" and "Suppliers Sales Trend."
4. Set Your Date Range: Set the date range for the past year to analyse sales trends and inventory movements.
5. Analyse the Report: Review data for negative stock items, slow-moving stock, and out-of-stock bestsellers.
6. Use insights to adjust orders, communicate with suppliers, and optimise inventory levels.

Q: What should I do if I find discrepancies in my inventory report?

A: If you notice discrepancies such as negative stock items or slow-moving products, take immediate action:
- Investigate the cause of discrepancies and correct any errors in your records.
- Adjust future orders based on accurate data to prevent overstocking or stockouts.
- Communicate with suppliers to address any issues with product supply or demand.

Q: How can real-time data improve supplier interactions?

A: Real-time data strengthens your position when dealing with suppliers by:
- Allowing you to demonstrate control over your inventory situation with specific data points.
- Enabling informed discussions about product performance and solutions for underperforming items.
 

Q: What steps should I take to implement real-time inventory management?

A: To implement real-time inventory management with our POS system:
1. Book a Free Demo: Experience how our system can transform your inventory management.
2. Customised Implementation Plan: We'll create a tailored roadmap for integration with minimal disruption.
3. Seamless Data Migration: Our experts will ensure the accurate transfer of your existing data.
4. Comprehensive Staff Training: We provide thorough training sessions to use the new system confidently.
5. Ongoing Support: Our Australian-based support team is available for assistance from setup to future upgrades.