I understand how frustrating it can be to lose a customer. Even though it may appear to be a defeat, it does not have to be the end of the road. Keep your cool.

Retailers can use a variety of tactics to regain lost customers and maintain a strong relationship with them. Our POS Software does provide you with tools to help.

Communication

If you can communicate with them, you can do something. You can provide the customer with a solution or compensation, follow up, demonstrating your dedication to them. It is also great to request feedback from them. Remember that sometimes the causes of the loss are beyond your control. Also, remember that former customers often make up reasons for a decision after doing it. Maybe they want to keep you in the good books with them, or they want to hurt you, or perhaps they want a better price. The list is endless.

Even if you aren't directly to blame for mistakes, you should take responsibility for them. Please show that you value their business. You must provide a solution. As Mahatma Gandhi, who was a very wise man, said.

Offer a good deal to try to get them back. Something is better than nothing.

Loyalty program

First, measuring and tracking customer loss is essential. You may only know that a customer has left your business if you do it.

Here a loyalty program can be a big help in this situation. It gives retailers tracking and measures customer loss. This makes it easier to understand how it affects their business and spot patterns or trends. It is also a great way to communicate with a lost customer, besides maintaining a solid relationship by regularly following up. And it is free in your POS System; you have a retail CRM in your POS Software right now?

Assessment

Well, this can be painful. Openness is of the utmost importance. What is the point of lying to yourself? It happened. What have you learnt from this experience? What can you do to stop it from happening again? Was it because of a negative encounter with your product or service? Or were they able to find a better deal somewhere else? Determine the most efficient strategy is comprehending your churn's underlying cause.

Make use of the experience to enhance the customer experience as a whole. Look for areas where you can make adjustments to stop similar problems from happening again.

Summing up

Although losing a customer can be disheartening for any business, it does not mean the end of the road. You can often regain many lost customers if you use the right strategies. Communication is essential for retaining customers.

Retailers can understand the impact of customer loss and identify it by measuring them through a loyalty program.

To show that you value their business, these essential steps include:

• Following up with lost customers.

• Checking in with them.

• Providing solutions or compensation.

• Taking responsibility for mistakes.

Additionally, customer feedback can help determine the churn's root cause. This allows you to make necessary adjustments.

Losing a customer is not fatal; it's a chance to learn and develop.

Note that the picture of Gandhi above was given to me by one of my bosses when I started going on my own. He was also a wise bloke who kept a copy before his desk.

Some Easy Ways to Lower Your Shop's Electricity Costs

This article explains how to lower your shop's energy costs while running a business, so save money using less electricity. POS Systems can use lots of power. 

The problem

We all use computers, refrigerators, air conditioners, and other appliances at work. Electricity is one of the most important aspects of running a business. If you want to save money, you'll want to make sure you use as little electricity as possible. There are many other ways to use less energy, which can help you save money on your electricity bill. 

A Case Study

A client of mine informed me that he received an unexpectedly high power bill. It was so much more than they thought it should be; it just seemed wrong. They had been no changes that they could see, so why was it up compared to other bills? 

The utility company stated they could not see anything wrong, so it might be a defective appliance, such as a faulty water heater. Good luck acting on that.

Tip 1-Monitor your electricity bill

Monitoring your electric bill is so important. You should immediately contact your utility provider if you notice anything unusual.

Your accounting program should show whether this is happening. Try looking at the electricity account using budgets and/or comparisons.

This issue demonstrates that you can only fix it if you understand what is happening.

Measuring How Much Electricity You Use

Some meters can tell you how much electricity your home or business uses. 

Tip 2: Electrical meter, a paid solution

An electrical store will have many meters from which you can select. Tell them what you need, and they can help you choose the best type. 

Tip 3: Powerpal, a free Solution

I don't know your state's regulations, but the powerpal a free app for measuring electricity from the Victorian government. To make it work, you need an attachment, which the government provides for free in this country. Here is the link I used to get it for free.

They installed it for me for free. I was taught how to use it after the installer set it up. 

I like this one because, unlike most electrical meters, it can be difficult to plug into the power socket of many of the air conditioners, lights, and other appliances to measure the electricity, but they are easy to turn off. They have a graph that reflects the change almost immediately when an appliance is turned off. So you temporarily turn off your refrigerator, and the chart will reflect the decreased power consumption and cost. Then it connects to my phone via Bluetooth and gives me an always-updated feed of information about my place's power consumption.

I also like the app's graph feature that shows the power consumption in real-time.

Now, if the bill seems off, you can check where the electricity is being used by turning off devices from the fuse box. After that, look into that area. You should be able to locate the issue in no more than fifteen minutes. It can be used in the shop as well as in your home. You can also use it to see where and how much money you spend.

Tip #4: Energy audit

You can also use an electrical meter to conduct an energy audit. It took me about 15 minutes to count all the electricity used in my business. That will give you a baseline figure for how much energy you use and a clear direction for saving energy at work. 

Tip #5: Common sense

Make use of common sense because many people overspend on energy costs. For instance, when it was cold, a girl at one of our clients' establishments turned on the heater, and then she got hot, so she turned up the air conditioning. 

Wasted money here as a result.

Tip 6: Talk to your energy provider.

Talking to my energy provider was helpful. My provider was honest and helpful. Changing your plan to meet your needs is an excellent first step.

Tip 7-Talk to other energy providers

Some state government comparison sites help you find cheap plans; I have not found them much use in practice. However, you may. There are also some private ones; some that I contacted did come up with helpful information. Before you change, ask your current provider; they may match these quotes.

Tip 8-Your gadgets

Conserve power, and switch off gadgets when they're not used. Computers, monitors, printers, and other devices are included. Scanners, printers, and monitors, as well as the majority of computers, can be turned off at night.  Get your employees used to turning them off before they leave. A simple way to cut back is to turn off as many devices as possible at the end of the day.

My boss scolded me for leaving the photocopier at night. After that, I turned it off every night before I left.

Tip 9: Other Ways to Save Energy

There are many other ways that people can help you save energy, like switching to LED lights which are more energy efficient. 

What about using the sun instead of lighting? Install a blind.

Experts can advise you here.

In conclusion

You can do a lot to save money and help the environment, and the environment by lowering your carbon footprint. 

These hints were helpful, I hope.

Current situation

We use proprietary POS system algorithms to determine what's going on with your store. What sells in your store is known to your system. It is a management system. It is aware of when and where your products are sold. How it sells, when it sells, how long it requires to sell, your profit and so forth. This is good and necessary stuff, but it only knows some things. 

Who said what is happening in your shop is happening in the general market? Also market trends that change customer behaviour will affect your product demand. 

What your POS Software knows is what your clients buy from you but not what they buy from other places. It knows what you have but not what is available. Nor how you are doing contrasted with your rivals. 

Why should you keep up with retail stock trends? 

Since customers are a company's lifeblood, retailers must ensure that they meet their customers' needs. They will only be able to compete if they meet the needs of their customers and keep coming up with new products.

An experienced buyer in Coles told me he wanted at least ten new products at any time. How many new products are in your shop now?

Many people rely on customer service representatives for assistance. These representatives sell only what they have and have been instructed to sell. They do not understand your situation. Additionally, they are not held accountable for any incorrect ordering decisions you make. If they sell you hard-to-sell cards, their boss is happy that this rep has moved some unsellable stock.

You need more sources, and a cloud-sourced website is an excellent source to investigate.

Market research

Be aware of your customer's and business needs. There are no shortcuts. Market research is essential before beginning. Research your target audience to comprehend their requirements and preferences better. Take a look at your rivals out there. Check out what they're selling and what you could be doing better selling.

You have a niche, too, so checking what you are doing well is what matters most. Getting better at something you already do well is simple. 

The best-seller list for Amazon Australia

This is a valuable resource for conducting market research. The best-seller list for Amazon Australia can be found here. 

For example 

Select "Pet Supplies" from the department list

To see all the best-selling items in this category. These are the top-selling things refreshed hourly, so it is current.  Examine the items that pique your interest. 

Reviews from Customers

As a rule, look for items with high ratings and many customer reviews. If there are only a few reviews, it may be very new or suspicious.  I also frequently read the negative rating because they contain helpful information. You can be pretty sure they are legit. 

You will be given a lot to consider by these products. If people say its no good, you may hurt your business if you decide to handle these products.

Price information

Among the data supplied is price information. When you try to get products from your suppliers, this will help. Sadly, many have been known to charge smaller retailers much higher prices than major retailers. If that's the case, you will know which goods you cannot compete. Confronting the reps about this fact can be beneficial. You may also contact the buyer at Amazon to see if they could give you a bulk price. Worst case, if it's a good price, you may want to take it.

Find your relevant categories.

You will presumably find that your interests cross a few Amazon categories, so you might have to glance through several. Looking at products I know and following the logic helps determine where to look. Nothing anyone can do about this as everyone thinks differently, and sometimes you wonder how some people's minds work.

Track results

Regular evaluation of your business is essential to ensuring that you are on the right path to success. It is worth looking at your sales reports to keep track of your choices over time. You have a management system use it.

Conclusion

Inventory management is one of your business's most essential functions. 

You have nothing to lose by giving this a shot. You can pinpoint areas where you can improve.  In business, it is rare for a person to get too much information.

Try it; it is free.

If you lease software and/or equipment, now is an excellent time to review your rental agreement to ensure you only pay for what you need and use. You often have equipment or software you no longer use because your business no longer requires them. Consider returning it to the supplier or terminating your rental agreement. You can often save money by avoiding unnecessary rent.

If you have any questions or concerns about your rental agreement, it is best to contact the supplier directly for more information. They should be able to provide you with the guidance and assistance you need to review your lease. This may involve comparing the costs and features of different rental options to find one that fits your needs and budget. When returning equipment or terminating a rental agreement, follow the supplier's instructions and procedures strictly. If you are returning a device, please keep a record of the return or cancellation for your records.

Of course, please contact our accounts departments if you have any queries about our rentals.

Adding marketing notes to receipts in your POS Software is something businesses can consider in their marketing strategy. Using this, you can make receipts more engaging and memorable for customers, potentially leading to repeat business or positive word-of-mouth. Today people tend to get receipts only when they ask for them, so they tend to review and keep these receipts as they are legal documents, proof of purchase, and a record for taxation. This makes it ideal as an advertisement for your shop.

Exciting notes on receipts, besides personalized messages, fun facts, promotions or discounts for future visits, and other engaging content, are notes specific to the goods sold. You add information that people who buy a certain product will find useful. While studying it later, they will see your banner on the receipt.

If you are interested in doing this, go to your top-selling items reports, it rarely takes many to get over 50% of your sales. 

Now call up the items in stock maintenance, see the arrow here in green, press the box notes and put in a note in the box starting with "^"; this will make it print on the receipt when the item is sold.

In this case, the retailer has added an advertisement.

For adding a note on say 15 items you will be surprised at how much effect it can have on your business. 

This is another example of using our Software to increase sales and improve your operations.

Today, a good internet connection is crucial for businesses. A reliable and fast internet connection improves productivity and communication and enables you to take advantage of many online services. The problem is that agents could be more helpful when you are looking at a shop location. I had one client for whom an agent misled about the connection. Oh yeah, he was told it has an NBN connection; see here and showed him the NBN box, but it was not connected. Apparently, NBN had already refused to connect it. later they were quoted quite a bit over NBN prices to connect to another ISP. We put them on a 4G connection, which never worked 100%, but it was better than nothing.

I can provide general information on how to check which type of NBN connection your shop is serviced with. Follow the few steps below:

1. Visit the official website of the National Broadband Network (NBN) and navigate to the "Check Your Address" page here.
2. Enter the address of your new shop and click on the "Check" button.
3. The website will display information on the type of NBN connection available at your address. You will also get other details, such as the estimated speed and availability of services.

In summary, a good internet connection is essential for businesses of all sizes and industries; make sure you have one before signing a rental on a shop.

This sign was in a shop; it highlights the problem many businesses face today. With each payment method, there are plus and minus. For you to reject any payment method will cost you. There is no one solution, as every payment method has its merits for different people.

I am sure the bank fees are the big problem here, I am sure, to this merchant.

Some points that spring to mind here
- There is nothing wrong with asking people to pay in cash, and many prefer it.
- Many people today do not carry cash
- Do not fall for the claim; customers do not care about fees. They do. Often they pay it once and then do not return.
- BNPL does bring customers to many businesses, yet they have the highest costs. Is a percentage of something better than 100% of nothing?

The deadline for standard deliveries with most carriers has passed for Christmas, December 25 in much of Australia. If you want to ship something by then, you must use express.

Here are Australia Post deadlines. Even with express post, getting to New Zealand on time is questionable.

So many of my clients have placed signs in their shops for when items are eligible for Christmas Day delivery. It has proven to be a good way of generating last-minute sales. 

Try it out.

With the holiday season, many of you will have some irregular schedules. Even if you do not close, you need to tell people otherwise because many will assume you are closed. Tell me what the point is of opening if people do not come.

So I suggest you notify your clients so they know when you’re open with signs, Facebook and email VIP newsletters.

The slogan "Buy One Get One FREE" is one of the most effective promotional invented. Studies show that it beats "50% off" even though both offer the same. This is because, marketing-wise, FREE is very powerful.

Here are some tips for using it:

1) It is better for cheap items where customers are prepared to stock up.

2) You need to pick items with good margins; after all, you are giving away half the money. Some people would use something like this

Buy two and get another free.

Here at least, is only a third off.

3) Works better for flash sales. Try running it during a festive season, for example, as a Father's Day special.

4) Many products customers cannot use two of the same product. For example, two jackets for the price of one might be a problem, but two pairs of socks for the price of one should be okay. In which case, for jackets, consider something like

Buy a jacket and get One from Category B for Free.

This Category B has proven to be a great way of selling stock you no longer want.

Setting it up is easy. All you need to do is follow the red arrows in the image below.

It's a fact that today when quoted, EFTPOS rates are often complex. It was great when EFTPOS suppliers USED TO provide a single rate for each item, as it was simple to understand. Today many few EFTPOS providers give a single figure. Here though, are some points to consider.

1) Nothing we can do about it anyway, most EFTPOS suppliers have their policies, and if you want to deal with them, we have to accept these quotes.

2) As conditions change, those who accepted the more complex figures often do better, e.g. during the COVID lockdowns as the tourist with their dearer EFTPOS cards did not come, those with the complex rates did better. If you get a single figure, you cannot plan for changes.

3) Often, these flat rates include little. You notice that extra charges get levied, which in the fine print is allowed but not specified in the quote. It's good to know as much as possible in advance.

4) You can get a precise figure if you ask whoever is giving you the quote to provide a figure of what it would have cost you on these rates in the last 12 months. You can do the exercise with some simple maths too, but I recommend asking the people giving you the quote for legal reasons. This you can use for comparison.

Refrain from believing the hype of free EFTPOS; your business pays for it even if the customer pays for it. So look at the figure.

Some points to help you decide on Amex. 

The problem with many premium cards is that they come with high merchant fees. One such notable example is Amex. Often what happens is a growing number of Australians prefer to pay with Amex. These people get annoyed when you tell them that you don't accept Amex. Fortunately, most have Visa or MasterCard, but they do get irritated then, and you have created friction with the customer.

It can be a much more difficult problem dealing with people from overseas and business accounts. Overseas VISA or Mastercard cards are comparable in cost to Amex, so by rejecting Amex, at best, you have annoyed them unnecessarily if they offer their VISA. At worst, they cannot trade with you.

Many salespeople are commonly given expense accounts that basically need them to use Amex. Businesses do this as they can get more details on the Amex statement than VISA gives them on their account.

Now should your business accept Amex as complex? First, check with your credit card provider about the fees.

Then consider that today many majors take Amex, e.g. Bunning, Woolworths and, interestingly, afterpay.

The last afterpay has me wondering, as buying using afterpay will not cost me anything as the merchant pays the afterpay fees. This gives me progress payments every two weeks to pay interest-free. Pay afterpay when they come due with an Amex card which gives me another 55 days interest-free as afterpay is paying the interest. Plus, I get a whole lot of points. Let me know if you have tried it?

If you use Australia Post as a delivery agent and require your goods to arrive by Christmas, then you must plan to move. Australia Post Recommended lodgement dates for Christmas are here.

Of course, these are only recommended dates, and sometimes they do not make these dates.

I would suggest that you set our software delivery options to reflect our dates.

It's likely that Australian Halloween sales will exceed $430 million.

This research conducted by Roy Morgan predicts that Australia will spend $430 million on Halloween. This year, over 25 percent of Australians will celebrate Halloween. One in five Halloween celebrators says they will host or go to a party with or without kids.

Because of the pandemic, it is difficult to anticipate demand for Halloween this year, but it is considered unlikely that consumers will alter their purchasing patterns.

 ​

I got several enquiries on how to assess this week's trading. When we discussed it, it became clear that there has been a problem over the past year; dramatic changes have occurred in retail sales. 

So the first item I would recommend studying is your gross profit figures. The most popular tool for evaluating the operational performance of the business is gross profit. Net income (the bottom line) is a better measure, but that is hard to determine in SMB. Many costs, like the owner's costs, are value judgements with different people valuing them. Still, you will not get your net profit figure without the gross profit figure, so once we have that, we can proceed to other measurements. 

Plus, a business has expenses, and the gross profit pays for them, so we all use them. 

I recommend going by departments.

Now to get this will take you a few seconds 

Register report> Sales Register> Dissection Sales / Profitability for a Given Period

For the period you are concerned about, select a suitable period. 

I would recommend first doing last year, then doing the previous three months and then doing last week in separate runs.

That report will give you a lot of detail by department, including the Quantity sold and %Profit. These are often excellent signs of what is happening. Many consider quantity sold to be almost as important as profit.

Once you find something you want to investigate, click on the left-hand side to see the green arrow. Now select the shop.

We call this drill down. You will find the details of what is in every department than their sub-categories. 

What you are looking for in your own business is to run the numbers. Figure out your sweet spots. Look at the specific ways that you can increase your profit. Start by looking at the items on the top with solid growth potential, high quantity and high profit. Then those that are on the bottom with low quantity and low profit. 

This is something that every major I deal with does religiously.

Today almost every retailer offers customers a loyalty card to encourage shoppers to return to their store. About 88% of Australians are enrolled, of which 46% are classed as active users as they use four or more programs.

This is a lot of shoppers. The problem is that many people who think they will be only infrequent shoppers will ignore your loyalty program because they feel it is worthwhile. Well, a trusted and tested solution is to give your members an option to use their points to donate to charity. Studies show that 40% of Australians are happy with that.

So you have the same product as someone else, but if they buy from you, you will donate x points to charity. So offer them a chance to contribute their points to a charity. Most of my clients are local businesses, so select a local charity. Make sure it is apolitical. I recommend something to do with medical or kids from a registered charity. Stay away from anything controversial. You are not in business to campaign for causes.

If you need some ideas, click here.

A while ago, here I showed people how to get their credit scores free. When we discussed this, a couple of people told me that checking their credit score frequently will reduce their score. I checked, and it does not. This is the advantage of doing it yourself; if the bank does it, it can reduce your score. This is because bank enquiries they record. Now suppose you speak to a mortgage broker. The broker does a credit check; there is no problem. If that broker goes to ten banks on your behalf, the ten banks' enquiries will be significant. These enquiries, as they are frequent, give the impression that you are short on cash and/or are a person that keeps looking, which banks do not like.

Many consistently track their credit score, especially if they have poor credit risks.

How important are these credit scores?

In my experience, not so much if your score is over 600. I have seen people with bad scores having to go to many banks and credit providers. We had one broker we used a lot because it did not matter what the person's financial state was; that guy seemed to be able to get the money. Still, as long as you are willing to hunt around, in my experience, a bad credit score does not seem to be a significant factor to credit providers. They look mainly at your serviceability, the security and then you. You are not being silly if you go to the loan officer in the bank smartly dressed and acting confident. Still, I would prefer to go to a bank with a good credit score than with a bad one.

If you want to look at your score, the one that seems the most popular is Experian, and you can get your score here.

Note: I am not a financial expert, and this is not financial advice.

What you can do in your POS System is set a budget for each department? Now here is a quick way that works well how to calculate such a budget in a typical shop which will take you less than five (5) minutes to do. Of course, no shop is standard, but what do you want for less than five (5) minutes of work.

Divide the shop into nine segments, as I have done above.

Now on the top in black, you will see the scores 3, 2 and 1. This is because, in Australia, people tend to go to the left when they go into a shop, so the left of the shop is more valuable.

Similarly, on the side, you will see the scores 3, 2 and 1 in black. This is because the front of the shop is more valuable than the rear.

Now when you add them up, you will see in red the totals, which is the addition of the top and side scores.

Now, add another 4 to that area segment where most of the front counter is.

If you are setting a budget, you take the total shop budget. Your call whether you do it as profit or sales. Divide by forty (40) and multiple by that segment total, for example: if the shop's budget was $800,000 a year. For the bottom front segment, see green arrow its budget would be $800,000 / 40 x 6 = $120,000

Now there is one caveat: the very front of the shop is used for display and is a decongestion zone where people often walk through without thinking. This part varies so much in different shops that you must make your own value.

The quickest way to proceed is to run a totals report for the past twelve months. Now take your total sales and divide it by 40. Now multiple by its total above for each area segment giving you a figure for each area segment.

Now for each department, look at its area segment and note its figure. If three departments share a segment, divide it by three and use this figure on the report. If a department is in a few areas, add the figures up. Now see how its sales figures compare to these figures. Maybe you have some rearranging to do?

Now here are some key points using this analysis.

1) On the right of the diagram, you will see a thick line in blue. Once people enter your shop, most shoppers will turn to the left. Count the right (4+5+6=15 points) and compare it to the left value (2+3+4= 9 points)—a big difference in score. 

This left side is what we call your power wall, as this is where customers naturally end up. It is where much of a shop's sales occur, so make sure it looks attractive. Style it up. Have your high-margin items there.

You can see why large suppliers, e.g. card companies, want you to put their product on the right side of the shop. They have done this maths too.

2) Why do most retailers prefer the front counter on the left of the shop? The space is less valuable there.

3) Why do many retailers like counters on the back. Well, the area there is less valuable.

Have a go; I am sure you will find these five (5) minutes of work helpful.

Having two prices on one item is asking for trouble. Even if it is clear your intent, people will have problems.

This happens a lot. A typical example might be a sale item. After the sale, the retailer puts a new price on top of the sale price, but the sale price is still visible.

One client of mine got into an argument over this when a customer demanded a lower price claiming that she must sell the item at the lower price by law. She replied coldly, " I do not have to sell you the item at all." The customer stopped arguing but did not buy, so who won that argument? To me, it was an unnecessary argument.

This started a discussion and some research. As far as we understand the law, it depends on your terms and conditions; if they are not displayed, then there might be problems. It should state that you can cancel orders and withdraw products because of pricing errors. Also, you need to consider if it goes further is whether it was not an error rather than an attempt to deceive. In this case, this practice can lead you into a lot of trouble unnecessary.

Take the old price label off.

Too often, my clients miss out on sales as they are not prepared. Don't be disheartened; okay, this year fizzled, but there are good reasons for attempting next year. 

In business, you need to be organised.

I suggest you go over your diary and write your business's critical retail marketing days. Put in a check date when you need to get your stock organised, a date when signage has to be up, and the marketing day date. Your POS sales reports can give you many good ideas about what you need to get.

Here are the important key retail dates that every retail should know and plan for: 

July 2022 (Now)

- EOFY Sales
- Stocktake sales 

September 2022

- 4th Fathers Day
- AFL Final season

October 2022

- 31st Halloween‍

November 2022

-1st Melbourne Cup
- 25th Black Friday sales‍
- Christmas season begins

December 2022

25 Dec Christmas Day 
26 Dec Boxing Day sales
31 Dec New Year's Eve

However do not stop here, go over your business and I am sure you have important sales dates for your market space too.

eg Fashion shops - Winter sales (now)

Card sellers - 30 July – Islamic New Year

etc